NEW YORK (AP) — WeWork racked up $1.25 billion in losses in the third quarter as it geared up for, and an ultimately scuttled, its debut as a public company.
WeWork’s losses more than doubled between June-September, compared with the same period the previous year, as the office-sharing company spent heavily in pursuit of aggressive growth.
The losses outpaced an eye-popping 94% spike in revenue, which reached $934 million in the same period compared with last year.
The figures were included in a report to debtholders, obtained Thursday by The Associated Press.
WeWork added 103 office-sharing locations during the third quarter. It now has 625 locations in 127 cities around the world.
WeWork canceled its initial public offering as investor skepticism about the company’s worth grew.