WeWork's third quarter earnings reflect the rapid growth ousted CEO Adam Neumann planned

WeWork

WeWork lost $1.3 billion last quarter.

• WeWork added a record number of desks in the third quarter, showcasing ousted CEO Adam Neumann's high-growth strategy, per an earnings presentation reviewed by Business Insider.
• Companies with more than 500 employees continue to make up a bigger share of WeWork's overall member base, a major focus for the company's new leadership.
• Overall, the company lost $1.3 billion in the third quarter, compared with $500 million in the third quarter of 2018.
• For more stories on WeWork, click here.

WeWork's went in to hyper-growth in the third quarter, according to an earnings presentation, in what could be the last of the office company's big expansion periods as it tries to stabilize.

WeWork added a record 115,000 desks during the quarter, compared with 53,000 in the third quarter of 2018, according to the earnings presentation reviewed by Business Insider. That growth led to a slight dip in occupancy, down to 79% overall and 87% for locations opened for more than two years.

By comparison, coworking rival IWG, formerly known as Regus, had an average occupancy rate of 69%, according to the company's most recent earnings report in August.

Overall, the company lost $1.3 billion in the third quarter, compared with $500 million in the third quarter of 2018.

Working with big companies continues to be a major focus. Companies with more than 500 employees made up 43% of WeWork's members in the third quarter, compared with 34% a year ago.

In the spring, current co-CEO Artie Minson told Business Insider that WeWork is "really just getting started" with what it calls enterprise clients.

"From an employer standpoint, WeWork is a better experience for their employees and meaningfully cheaper on a per-employee basis" than traditional office space, Minson, then WeWork's copresident and chief financial officer, said at the time. "The CEOs like us and the CFOs like us."

In an investor presentation released last week, WeWork emphasized that such customers, rather than start-ups or small companies, are its future.

Overall, WeWork ended the quarter with 625 locations in 33 countries - nearly double the locations from a year ago.

Now, WeWork's on a path to stabilize after years of explosive growth. Since mid-October, the company has moved to cut or downsize some of those businesses, initiating layoffs at coding bootcamp Flatiron School and at Meetup last week and putting the company's private plane up for sale, as Business Insider previously reported. It's also outsourcing cleaning staff in the US and Canada and preparing major layoffs.