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The Wall Street Journal: Rapid expansion pushes WeWork’s annual loss to nearly $2 billion

WeWork Cos. on Monday said its loss last year doubled to nearly $2 billion, as the nine-year-old company spent heavily in an effort to rapidly expand its network of shared offices around the world.

The New York-based company’s revenue more than doubled to $1.82 billion, mostly from leasing office space. But heavy expansion costs led to a loss of $1.93 billion.

WeWork executives said the losses are reflective of investments required to build out new offices, and that once locations are open and well-leased, they make far more money than the cost to operate. The company has plowed into its business billions of dollars in capital raised by SoftBank Group Corp.

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