WeWork raises $1 billion from SoftBank as revenue — and losses — surge

WeWork, the fast-growing coworking company gobbling up commercial office leases, said on Thursday its second-quarter sales more than doubled from a year earlier as it added new members at a quickening pace, but losses also mounted.

The company also said it raised an additional $1 billion from Japan’s SoftBank.

In its first ever release of financial results, the privately held firm said total revenue rose to $421.6 million from $198.3 million in the year-ago quarter as memberships jumped to 268,000 at the end of June from 128,000 a year earlier.

Net losses jumped to $723 million over the second half of 2018 from $154 million a year earlier.

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