(Reuters) – The We Company, owner of WeWork, said its first-quarter free cash outflow grew 60% sequentially, according to an email the company’s chief financial officer sent to employees on Thursday and reviewed by Reuters.
The company had been incurring growing losses through last year. The email did not mention profitability, but said it had a free cash outflow of $482 million in the first quarter.
Chief Executive Officer Kimberly Ross said WeWork had $3.9 billion in cash and commitments as of March 2020, compared to $4.4 billion that it said it had in the last quarter.
(Reporting by C Nivedita in Bengaluru and Herbert Lash in New York; Editing by Shailesh Kuber)
