WeWork [TRDataCustom] grew its revenue to around $900 million in 2017, according to the company’s president Artie Minson.
In 2016 the company expected to generate $532 million in revenue, according to documents produced in April of that year that were later leaked to the press.
Minson told Bloomberg that WeWork hopes to double its membership from a current 200,000 to around 400,000 by the end of 2018 and to double the number of locations around the globe to around 400. The company hopes make at least $2.3 billion in revenue next year.
Despite the rapid growth, Minson said there is no plan for an IPO in the near future. “We are running the company with all the practices that a public company would run with, but no timing has been set,” he said. He added that the $4.4 billion investment from Japanese conglomerate SoftBank, which closed in August, allowed some earlier investors and employees to sell shares.
WeWork has branched out from its core co-working business into apartments, kindergartens, gymnasiums and other ventures. [Bloomberg] — Konrad Putzier