The big problem was that they're profitable at the hundreds-of-millions-per-quarter level but have been trying to spend into the billion+ range.
They uses to have tons of ideas and innovation until they locked the API in preparation for the IPO, but the ways they expected that to generate revenue obviously haven't happened at the scale they hoped for.
Their quarterly reports consistently show that the losses are caused by stock-based compensation and simply having staffed for a much larger business.
They uses to have tons of ideas and innovation until they locked the API in preparation for the IPO, but the ways they expected that to generate revenue obviously haven't happened at the scale they hoped for.
Their quarterly reports consistently show that the losses are caused by stock-based compensation and simply having staffed for a much larger business.