WeWork gets new $1.1 billion commitment from SoftBank, cuts cash burn rate

Revenue in the quarter reached $882 million, a 9% increase from a year earlier

The owner of money-losing shared office provider WeWork told employees on Thursday it has slashed its cash burn rate almost in half from the end of last year and obtained a $1.1 billion commitment in new financing from majority owner SoftBank Group Corp.

The 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, chief financial officer