this post was submitted on 26 Sep 2023
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Netflix's 2023 2nd quarter revenue: 8.1 billion dollars BTW
Brace yourself for a tidal wave of corporate apologists rushing to point out that “revenue isn’t profit!,!”
...but it's not. And I really think people either don't understand that or they are intentionally misrepresenting the situation.
Being level-headed and fact-driven isn't "corporate apologist", it's how you maintain integrity and don't derail your own movement by being dishonest about shit that doesn't even matter.
It's like when Trump lies about his golf games. No one cares about his golf games but it makes you realize that if he's willing to blatantly and badly lie about something so trivial, he's probably also lying about absolutely everything else about him that might even remotely appear negative.
Plenty of people understand it, and some of them understand that profit is so malleable that it’s not really a useful measure of a company’s financial health. What really matters is how much they make over their essential production operational expenses. They can tailor their non essential expenses to seem as profitable or unprofitable as they want and use stock valuation tricks like buybacks to make money for shareholders regardless.
What does it matter if the company is profitable or unprofitable on paper when certain people can make lots of money off it either way? Twitter was “unprofitable” it’s entire life but somehow I bet the executives still got their bonuses, I doubt the shareholders were dissatisfied with their stock valuations or the buybacks, and it sure didn’t stop them from acquiring other companies.
Thank you for putting this more eloquently than I could. I must admit, I was losing my cool with people being irrational about this.
I don't know if people are ignoring expense scaling and stock buybacks or purposely choosing to hide it.