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Venture Capital Startups

WeWork Revenue Doubled in the First Quarter

WeWork revenue in the first quarter more than doubled year-over-year to $342 million, according to an employee memo obtained by The Information and also reported by other media outlets. Occupancy rates rose to 82%, up from 73% a year prior. The news comes after an executive at SoftBank, a WeWork investor, said at a conference on Tuesday that WeWork was considering raising money at a $35 billion valuation, which would make it the second-most valuable U.S. startup. Still, profitability remains a question for the office space provider, which reportedly lost $933 million last year on revenue of $886 million. The employee memo didn’t disclose the company’s bottom line for the quarter, but said “adjusted EBITDA before Growth Investments” was $26 million, up 137% year-over-year.

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