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Record profits drive inflation
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this post was submitted on 14 Jan 2024
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Antiwork
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These numbers are gross profit. A quick search would verify this for yourself.
You seem to misunderstand what gross profit is because you decided to make a weird word salad.
Gross profit is the profit a business makes after subtracting all the costs that are related to manufacturing and selling its products or services.
So the numbers are relevant. It's not worker wages that are the driving inflation. It's not government handouts driving inflation. It's corporate profits that are driving inflation
Gross profit is NOT how much money a company makes after all costs. This is the basic misunderstanding. Here is an example
Kraft Heinz Quarterly Revenue
2023-09-30 $6,570
2023-06-30 $6,721
2023-03-31 $6,489
2022-12-31$7,381
TOTAL: 27.161B
Kraft Heinz Quarterly Gross Profit
2023-09-30 $2.235B
2023-06-30 $2.261B
2023-03-31 $2.113B
2022-12-31 $2.364B
Total: $8.973B
Kraft Heinz Quarterly Net Profit
2023-09-30 $262M
2023-06-30 $1,000M
2023-03-31 $836M
2022-12-31 $890M
Total: 2.988B
https://www.macrotrends.net/stocks/charts/KHC/kraft-heinz/revenue
For clarification, I'm not saying I'm against increasing labor pay. I am just saying the numbers used are misleading.
But only some numbers. Apple's, for instance, is net profit from what I can see. Heinz isn't. I haven't looked into any more of them, but they're just inconsistent.
Crappy posts like this bug me so much because it makes "my side" look like we're full of shit. There are mountains of true and verified facts to support the conclusion that workers should be paid more and corporations are ruthlessly greedy.
This exactly. We don't need to fluff or bullshit numbers just to prove that corporations are fucking over their labor and the customers.
Can mods add a caveat to a post on Lemmy?
Also:
@BarterClub@sh.itjust.works
Please edit your post title to reflect likely inaccuracy/inconsistency of some numbers. e.g.: “[may be misleading; see comments]”
As much as I hate Twitter, the feature where users can add context would be amazing on other platforms. Would love to see it on Lemmy.
You're misinformed.
Please provide a source for the definition of gross profit.
Anyone who has done accounting 101 knows that Gross Profit is Revenue less Cost of Goods Sold.
Perhaps you can pay provide evidence of how fundamental accounting is wrong instead?