Illustration: Sarah Grillo/Axios

WeWork reported a $1.25 billion net loss for the third quarter during a call on Wednesday with the embattled company's bondholders, more than doubling its year-earlier number.

Why it matters: These results represent WeWork's final quarter under the leadership of Adam Neumann, who was ousted after a failed IPO.

Axios obtained a copy of the slide deck presentation. Some highlights:

  • Annual revenue run rate is nearly $4.2 billion. That's up 24.6% from Q2, and just more than double the $2 billion figure from Q3 2018.
  • Net loss increased from $497 million in Q3 2018 to $1.25 billion in Q3 2019, bringing the year-to-date loss to $2.16 billion. Quarterly adjusted EBITDA loss grew from $306 million to $651 million.
  • Total desks are now at 719,000, which is an increase of 115,000 in the quarter and a 109% increase over Q3 2018.
  • Total locations now stands at 625, representing 127 cities in 33 countries.
  • Occupancy fell slightly from its early 2018 peak, and went down from 91% to 88% for "mature" locations.
  • Enterprise membership as a percentage of total membership rose to 43%, compared to 40% in the prior quarter and 34% in the year-earlier period. Total membership is now 264,000.

What they're saying: WeWork did not provide any forward-looking guidance on layoffs or senior management changes.

The bottom line: The real reporting challenge will come in three months, when WeWork's quarterly results will reflect its new, slower-growth strategy.

Go deeper:

Go deeper

BodyArmor takes aim at Gatorade's sports drink dominance

Illustration: Eniola Odetunde/Axios

BodyArmor is making noise in the sports drink market, announcing seven new athlete partnerships last week, including Christian McCaffrey, Sabrina Ionescu and Ronald Acuña Jr.

Why it matters: It wants to market itself as a worthy challenger to the throne that Gatorade has occupied for nearly six decades.

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.