Snap is losing money and doesn’t seem to have any path toward any decent profitability. Spotify is a low margin business since no matter how much it makes in r

Snap is losing money and doesn’t seem to have any path toward any decent profitability. Spotify is a low margin business since no matter how much it makes in revenue, it will always have to give 70% to the labels - a company with high marginal costs that scales with revenue is the opposite of a successful tech company. Cloud flare is also losing money. Why would any of these companies besides Zoom be considered a successful company that should have a high valuation?