Snap made a little over $1 billion in revenue last quarter and had a net income of -$360 million. Thads yet another fallacy of the startup mentality (yes I know snap is public). Judging “success” by revenue and not profit. Anyone can sell dollar bills for 95 cents.

Also see Yahoo. Yahoo was one of the most trafficked websites for almost two decades and couldn’t really profit from it after the dot com bust.