WeWork, which plans to go public later this year, said sales growth accelerated and losses slightly narrowed in the first quarter.
WeWork Cos. said Wednesday that sales growth accelerated and losses slightly narrowed in the first quarter. The New York company, one of the country’s most valuable startups, is preparing to test public investors’ appetite for another tech-infused, cash-burning business after the disappointing debut of Uber Technologies Inc.
Analysts say 2019 is on track to be the busiest year for initial public offerings in at least a decade. Several recent offerings have performed well, and more are on the way. WeWork would probably be the second-biggest if it goes public this year as expected. But the two largest so far, Uber and Lyft Inc., quickly plunged below their IPO prices. They share one thing in common with WeWork: They each lose more than $1 billion a year. WeWork lost $1.9 billion last year on $1.8 billion in sales.
As detailed in a Bloomberg Businessweek cover story on Wednesday, WeWork controls most of ARK, which means it also gets to pocket some of the value that the company believes it adds to a building when it moves in.
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