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Buffalo roam at night and at dusk, but we aren't the ones who have to wake up for an 8 a.m. test.

Margins

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Margins Drill

"However, we weren't profitable at all. In fact, we felt like we were burning cash as fast as we could just to handle the growth. It's expensive to give users a fast experience with lots of features, pictures, and video. We needed more computer storage and power and stuff. We knew at some point we'd be profitable: roughly speaking, we thought we'd have two ads on a page that would sell for a fraction of a cent each. 

"In the normal media business, inventory is sold on a 'CPM,' or cost per...

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