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Facebook Spent $21 Billion on a Company That Just Lost $232 Million

TIME

Facebook’s pricey purchase of WhatsApp, which closed at a whopping $21.8 billion, turned heads earlier this year because few thought the startup was making much money. Turns out, WhatsApp has actually been losing money. A lot of it.

The mobile messaging platform, which had 450 million users when the acquisition was announced, posted a loss of $232 million in the first six months of 2014, according to a new Securities and Exchange Commission filing. The company’s primary revenue source is a $0.99-per-year subscription fee that only kicks in after the first year of use — the app doesn’t show users any ads. Apparently that fee doesn’t amount to much—WhatsApp generated $15 million in revenue in the first half of 2014, according to the SEC filing.

Most of the company’s massive loss came from stock sales and issuing stock options to employees, but even when just accounting for day-to-day operational activities…

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