WeWork Has Punishing First Quarter 2021 Results, Hopes for the Future
Posted on 05/21/2021
Co-working giant WeWork Inc. lost US$ 2.1 billion in the first quarter of 2021. In a rough calculation, WeWork lost 1 in 4 customers during that quarterly period. The first-quarter losses include Adam Neumann’s settlement earlier this year. Net loss was US $2.062 billion for the first quarter of 2021. Free cash flow was negative US$ 663 million for the first quarter.
The company still has a major footprint in commercial real estate. As of March 2021, WeWork’s global real estate portfolio included 774 locations across 38 countries.
Once a darling of SoftBank Group Corporation, WeWork sees promise in BowX Acquisition to go public.
WeWorks Financials in USD
March 31, 2021 Quarterly vs. March 31, 2020 Quarterly
Revenue: $597,853,000 vs. $1,056,883,000
Net Loss attributable to WeWork: -$2,032,355,000 vs. -$183,869,000
Source: SEC Filing.
Keywords: The We Company.
