"over-"punish losses? Twitter hasn't made a profit once in its years of existence, and does not appear to have a way to make any. Snap said they might never pr

"over-"punish losses? Twitter hasn't made a profit once in its years of existence, and does not appear to have a way to make any. Snap said they might never profit in the prospectus. How would you value these companies to reach the conclusion that losses are "over punished"?