May 14, 2020 / 10:54 PM / 11 days ago

CORRECTED-UPDATE 1-WeWork reports slower cash burn in first quarter - CFO email

(Corrects headline to say “slower cash burn”, paragraph 1 to say “cash burn improved”, not “free cash flow increased”)

May 14 (Reuters) - The We Company, owner of WeWork, said on Thursday that for the first time quarterly revenue surpassed $1 billion and cash burn improved 60% sequentially, but the money-losing shared office operator did not mention profitability in an email to employees that was reviewed by Reuters.

Cash and unfunded cash commitments were $3.9 billion as of March, Chief Financial Officer Kimberly Ross said in the email.

The company said last quarter it had $4.4 billion in cash and cash commitments as of end of 2019.

WeWork said in late March its cash on hand was enough to meet the challenges posed by the coronavirus pandemic.

First-quarter revenue rose 45% to $1.1 billion.

Reporting by C Nivedita in Bengaluru and Herbert Lash in New York; Editing by Shailesh Kuber

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