WeWork revealed mushrooming losses and dwindling cash reserves in its third-quarter earnings on Thursday. The coworking startup's net loss ballooned by more than 150% to $1.25 billion, and its available cash shrunk by around 40% in three months to about $1.3 billion. The worrying figures support SoftBank's decision to slash WeWork's valuation by more than 80% to below $5 billion last quarter. For more stories on WeWork, click here.
WeWork revealed mushrooming losses and dwindling cash reserves in its third-quarter earnings on Thursday. The coworking startup's net loss ballooned by more than 150% to $1.25 billion, and its available cash shrunk by around 40% in three months to about $1.3 billion. The worrying figures support SoftBank's decision to slash WeWork's valuation by more than 80% to below $5 billion last quarter. For more stories on WeWork, click here.