WeWork, which owns and operates co-working spaces (in other words, they are a commercial property management company), just filed for an IPO, and it doesn’t look great:
Among the disclosures in the filing, WeWork reported a net loss attributable to the company of $689.7m in the six months ending 30 June 30, compared with a loss of $628.1m a year earlier.
In the same period, revenue more than doubled to $1.54bn.
The company also did not give a time frame for becoming profitable as it continues to invest in expanding its operations.
WeWork’s $700m loss is nothing next to Uber’s $5.2 billion loss for the last quarter, of course, but WeWork’s pitch to investors doesn’t include the extra frosting on the shit cake (self-driving cars, food delivery, scooters, etc.) that Uber uses to divert attention from their utter failure as a business. WeWork just owns buildings and rents space in them, something that’s been done forever at a modest profit. The only thing new about WeWork is that they rent office space by the day, week or month, and they serve coffee and fancy snacks in the break room. Glory fucking hallelujah.
I wonder how bad the next recession is going to be after this ridiculous bubble pops.