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2020-05-15

In the first quarter, WeWork reports increased free cash flow

Image:- WeWork Revenue Tower

On Thursday, the We company, owner of WeWork, reported that for the first time quarterly revenues were more than $1 billion and free cash flow increased 60% sequentially, but the cash-losing joint venture operator didn't mention profitability in an e-mail to Reuters' revised employees.

The Chief Financial Officer Kimberly Ross stated in the email that cash and unfunded cash commitments amounted to 3.9 billion dollars in March.

The company said it had committed $4.4 billion in cash and cash at the end of 2019 last quarter.

WeWork said its cash on hand in late March was sufficient to meet the challenges of the coronavirus pandemic.

Revenue in the first quarter increased 45% to $1.1 billion.

Article Edited by | John Heine |

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