That doesn’t include R&D & marketing costs which make them unprofitable overall. I guess they are betting that R&D costs are fixed(ish) or at least will grow s

That doesn’t include R&D & marketing costs which make them unprofitable overall. I guess they are betting that R&D costs are fixed(ish) or at least will grow slower than revenue. Which of course doesn’t always work, especially over the last few years where free money resulted in massive bloat.