$Block(SQ)$ SQ has massively increased their R&D spend since 2021. Has that paid off yet or are we still waiting for whatever that turns into? Revenue is roughly 4X since 2019. Good numbers but even with the R&D spend, you would think management could have come closer to positive net income.
But I guess, mainly, I just wonder what the R&D spend is about. Basic math: if they had simply kept that expense at roughly 2021 levels, they would have been solidly profitable every quarter since.
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