What stands out to me: Cost of Revenue is consistently 60% and admin consistently 30%. Judging from the comments I've been reading about the hit merchants are taking, I doubt the CoR% will change, and admin sounds about normal so unlikely to change much either.
That means even if they cut their marketing budget down to 0% they're still only looking at 10% profit BEFORE taxes. I really don't see how their business is going to be profitable in the short or long run, given the losses they've run up getting to this point.
Does anybody think these things are not really about the fundamental business at all but rather just a very impressive performance designed to make a few people rich from IPO/mergers?
That means even if they cut their marketing budget down to 0% they're still only looking at 10% profit BEFORE taxes. I really don't see how their business is going to be profitable in the short or long run, given the losses they've run up getting to this point.
Does anybody think these things are not really about the fundamental business at all but rather just a very impressive performance designed to make a few people rich from IPO/mergers?