[010a]

It is so concerning to me that the company has committed to spending an average of $400M per year on cloud infra when their revenue is only $200M, and they've revealed that user growth slowed from 17% to 3% in the quarter Insta released Stories.

It'd be one thing if they were going to use some of the IPO money to cost-optimize revenue, but I get the feeling that they need to focus on growing revenue due to how Insta Stories gutted them in 2016. That means hiring more people and writing bigger checks to Google.

And they're branding themselves as a "camera company." Their hardware division does not contribute materially to revenue (not profit: Revenue), and practically every other consumer camera company, from Kodak to GoPro, is dying.

This is not a healthy company.