I don't say you're right or wrong, cause I don't know. All I can say is that you cannot say "makes no sense" because it's been working OK for them so far. They have ~15M paying users and the number keeps growing (not at a very high pace but still steady growth). Their revenue is growing at a higher pace than expenses. Enterprise sales is not easy but they have been doing it for a while now. They also expand their product line to be a more complete solution for team productivity and collaboration. They have been doing a lot of mistakes on the way. They launched many products that failed. Their vision was lacking. But overall their numbers show it's a healthy company moving in the right direction. It's just not been growing in the pace everyone was thinking they would after their IPO.