(Reuters) – The We Company, owner of WeWork, said on Thursday that for the first time quarterly revenue surpassed $1 billion and cash burn improved 60% sequentially, but the money-losing shared office operator did not mention profitability in an email to employees that was reviewed by Reuters.
FILE PHOTO: An empty Wework office is seen after California issued a stay-at-home order as the spread of the coronavirus disease (COVID-19) continues, in Los Angeles, California, U.S., April 3, 2020. REUTERS/Lucy Nicholson
Cash and unfunded cash commitments were $3.9 billion as of March, Chief Financial Officer Kimberly Ross said in the email.
The company said last quarter it had $4.4 billion in cash and cash commitments as of end of 2019.
First-quarter revenue rose 45% to $1.1 billion.
WeWork said in late March its cash on hand was enough to meet the challenges posed by the COVID-19 pandemic.
WeWork faces a tough business environment due to the health crisis as a rush to work-from-home…
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