They lost $2.2billion on revenue of $150 million. Ouch (and yes those RSUs very much count). Even on an EBITDA basis they lost more than they had in revenue.
They've got to turn the ship around. With user growth rather anemic they're not going to easily "grow" their way to profitability. They need to sort the fundamentals of the company to get the costs in check.
Problem is even if they had 50% margin today they'd be valued at a very rich valuation. Long story short there's not much in the fundamentals other than pure hype holding up the value of the stock at this point.
They've got to turn the ship around. With user growth rather anemic they're not going to easily "grow" their way to profitability. They need to sort the fundamentals of the company to get the costs in check.
Problem is even if they had 50% margin today they'd be valued at a very rich valuation. Long story short there's not much in the fundamentals other than pure hype holding up the value of the stock at this point.