Indeed. Just as a reminder that Amazon had negative cash flow for three years to 2003 as well (perhaps foolishly per the below argument.)
1998 to 1999 saw a 400% reduction in cash flow, roughly 4x the drop seen in the past 12 months.
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Friendly reminder that revenue growth tells you nothing about "ROI" and even net income is an accounting construct. Free cash flow is economic reality.
When you use the wrong measuring stick, it's easy to arrive at the wrong conclusion.
Hyperscaler ROI remains non-existent in the cash flow statement
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