Well yeah but that's because of how massive they have become (thanks to being profitable and internal compounding). Their marketing spend in terms of % of revenue is not comparable to the late IPO up-starts, they make very very very healthy margins.

I am not saying advertising is bad, or that it doesn't work, or that you shouldn't do it. Nothing of this sort. It's just unclear to me what's the plan for eventually returning anything to the shareholder. All of the eventual value depends on this.