uploads///WeWork

WeWork Discloses Its Q1 Numbers as It Gears Up for an IPO

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May. 27 2019, Published 8:19 a.m. ET

The next big IPO?

WeWork (formerly known as the We Company) recently disclosed that it had submitted its S-1 filing to the Securities Exchange Commission on a confidential basis. In simpler terms, WeWork has disclosed that it may go for an IPO soon.

With a $47 billion valuation as of January 2019, WeWork’s IPO is expected to be the second largest after Uber’s (UBER) this year. After watching Lyft’s (LYFT) and Uber’s performances on the NYSE so far since their IPOs, WeWork seems to have taken a cautious approach in its pitch. On May 24, Uber was trading below its list price at $41.51. On the same day, Lyft closed 20.7% lower than its list price.

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Revenue continues to grow

WeWork’s revenue came in at $728 million in the first quarter, a 113% increase over $342 million in the first quarter of 2018. Its number of members came in at 466,000 in the first quarter compared to 219,000 in the first quarter of 2018. Thus, its revenue per member remained almost unchanged at $1,562 even as the company continued to add newer services to its list of offerings. In 2018, the company reported $1.8 billion in revenue over 2017’s $866 million, a 107% rise.

The company continued to expand geographically, with 43% of its total revenue coming from international markets in the fourth quarter of 2018 compared to just 28% in the first quarter of 2017. New York still dominates the company’s skyline, with 59 spaces located in the city.

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