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Tech's 4 Biggest Cash Burners Have Torn Through $23.9 Billion Combined

Posted On: Jun 20, 2019   |   Posted By: Fortune

Tech's 4 Biggest Cash Burners Have Torn Through $23.9 Billion Combined

Editor's note: An earlier version of this story published on May 20.
"You've got to spend money to make money" is one of the most widely accepted business adages of all time. And nowhere is that belief more innate than in Silicon Valley, where companies like Tesla, Uber, Lyft, and Snap command dizzying valuations based on the belief that one day, they will indeed make money. Raising fresh billions to fund operations, boosters of these companies would have us believe, is a regular rite of passage. After all, didn't giants like Amazon , Apple , Facebook , and Google also burn through tons of cash on their path to profitability?
Fortune decided to find out: How much money did Amazon, Apple, Facebook, and Google spend in their early years? And how does that compare with what today's hot names are spending? To get the numbers, we went back to each company's earliest published financial reports, starting with the offering statements for its IPO.
It turns out the assumption that successful tech companies burned...

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