deconstruct60
macrumors G5
Except
Summary
Anthropic has made history by reporting its first profitable quarter, with Q2 2026 revenue soaring to $11.5 billion and positive adjusted operating income. This unprecedented achievement for a frontier AI lab directly refutes the long-held skepticism that such companies could never turn a profit due to escalating compute costs. Unlike mere run rates, these are booked sales, totaling $16.2 billion for the first half. The company's strong gross margins on API sales indicate previous losses stemmed from investing in future model training, not from unprofitable products.
Chuckle. On what accounting metrics. EDBITA?
" ... . At $11.5 billion a quarter, the margin coming in finally overtook the spending going out, at least on the adjusted basis the company disclosed. ..."
'adjusted basis'.
There is an old Charlie Munger quote: “I think that, every time you see the word EBITDA, you should substitute the words '******** earnings.'”
Whjat want is al the three-card-monty financial maze spelled out in non hocus pocus terms. Gross margins are different than real actual profit margins.
There are lots of Wall St hand waving at hocus pocus , 'adjusted to ignore real business expenses' foundation for valuation.