Are profits still a good thing?
Uber. Lyft. Snap. These US tech groups floated with multibillion-dollar valuations, yet all of them made losses last year, one-offs excluded. But tech successes such as Google and Facebook have made investors more willing to wait for companies to turn a profit. Meanwhile, the profit motive itself is under attack for fostering inequality. In light of this, the FT’s Jonathan Guthrie asks, “Are profits still a good thing?”