WeWork first-quarter revenue rose 45%
The company’s growth rate has halved since last autumn because of the pandemic
Stocks impacted: WeWork (WEWK)
WeWork reported that for the first time its quarterly revenue surpassed $1 billion and cash burn improved 60% sequentially. Cash and unfunded cash commitments were $3.9 billion as of March. First-quarter revenue rose 45% to $1.1 billion. At the same time, the company’s growth rate has halved since last autumn because of the pandemic. The firm’s troubled office rental start-up had burned through around $500m in cash reserves since the start of the year. As a reminder, the company said in March its cash on hand was enough to meet the challenges posed by the coronavirus pandemic.
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