> "Founded in 2013, Bending Spoons reported a net income of $27.5 million on revenue of $601 million for the three months ended March 31, compared to a net loss of $112.2 million on revenue of $259 million a year earlier. A large chunk of its revenue comes from recurring subscriptions, providing a more predictable stream of income."

Gergely Orosz did an interview with them in 2024:

https://newsletter.pragmaticengineer.com/p/twisting-the-rule...

▲

stefan_ 2 hours ago | parent | next [-]

Clever, shitty numbers and they decide to IPO at the peak of the "actually SaaS is worthless" hype. I wish them the worst, considering their business model.

	▲	gekoxyz 15 minutes ago \| parent [-]
		In Italy they are really frowned upon by developers. They add 0 value. And it's not like "Oh, VC firms add 0 value to companies they acquire", this is really messed up.

▲

csomar 2 hours ago | parent | prev [-]

So roughly $100m/year profit(edit). They are looking for a 20Bn valuation but interest rates are at 5%? How does any of this make any sense? That or we are in a real bubble.

▲

postalcoder 2 hours ago | parent [-]

You're mixing up the numbers. Their annual run rate is $2.4 billion. Revenue grew 140% YoY. That's an 8x sales multiple on good growth. The valuation is not egregious.

▲

csomar an hour ago | parent [-]

Sorry I meant profit. On a 5% interest, you get 1bn (pure profit with no risks) per year for a 20bn of capital. Their revenue grew 140% YoY but does that account for new acquisitions? Also, their profit needs to grow x10 in order to match bonds. It may have made sense in a 0% interest rate world but not at 5.

	▲	Zigurd an hour ago \| parent [-]
		It's a business model that's like a shark: perpetually swimming and eating or it's dying. That's how they can show big increases in revenue, but the profits are always decaying along with the products.