ASPEN, Colo., July 11 (Reuters) - The chief executive ofWeWork said on Monday that the co-working office space providerwould hit a revenue run-rate of $1 billion next year.
WeWork, one of the biggest 'unicorns' - startups worth morethan $1 billion - recently raised more than $400 million at avaluation that sources pegged at more than $15 billion. Thecompany provides office space for startups and others, stressingthe community-oriented character of its facilities.
The company's valuation far exceeds that of publicly tradedcompanies such as Regus Plc that also rent sharedoffices.
Speaking at the Fortune technology conference in Aspen,Colorado, CEO Adam Neumann said that if his company can reach 1million customers in the United States - which he said was readily achievable - it would have annual sales of $12 billionand earnings before interest, taxes, depreciation andamortization of $4 billion.
Neumann, who appeared with his wife and business partnerRebekah Neumann, the chief brand officer for the company, said the company was in the "community" business, rather than thereal estate business.
He said that would protect WeWork's business in the event ofa recession, which some analysts have cited as a big risk forthe company.
"When times are tough, people want to be surrounded bypeople," he said. "We'd do extremely well through a recession,for a variety of reasons." (Reporting by Jonathan Weber; Editing by Bill Rigby)
