WeWork’s 100%-plus growth rate on all of its key quarter one numbers shows that its approach to “space as a service” is working, co-president and chief financial officer Artie Minson told Business Insider.
The firm’s revenue doubled year-over-year, to $689 million, last quarter.
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WeWork doubled its revenue in the first quarter, and it’s gearing up for even more growth.
The company now has $3.4 billion in multi-year agreements with big companies, a major revenue driver as it moves away from overseeing coworking spaces for small startups and into managing office space for big companies.
For the first time, that figure is now bigger than its total run-rate revenue of $3 billion – a key sign of how important its enterprise business is, chief financial officer Artie Minson told Business Insider in an interview.
WeWork wants to be seen as more than a traditional landlord by offering a variety of services, from networking groups to tech-driven insights about space utilization. With its enterprise business, WeWork could oversee a company’s real estate footprint across the world.
In the first three months of the year, revenue more than doubled year-over-year to $728 million, according to an earnings presentation …read more
Source:: Businessinsider – Finance