The We Company, a parent organization of WeWork, told employees on Thursday that it cut its cash burn rate almost in half to US$671 million from the end of last year and obtained a US$1.1 billion commitment in new financing from majority owner SoftBank, according to a Reuters report.
The We Company said in an e-mail to employees that its second-quarter results show the coronavirus pandemic has hurt business but its financial position remains strong.
“Our early efforts to become a more streamlined, cash-conscious organization puts us in a better position to adapt quickly, navigate new realities and deliver our future business objectives,” said Kimberly Ross, the chief financial officer of WeWork, in the e-mail seen by Reuters.
SOURCE Reuters
