Coinbase and Roblox Take a Page From Google, Keeping Marketing Costs Way Down Ahead of Public Debuts

Sales and marketing costs and Coinbase and Roblox are in the single digits as a percentage of revenue, dramatically less than what most pre-IPO tech companies spend. For Airbnb, the percentage was in the 20s before its IPO, while software businesses like Snowflake and Palantir have even fatter budgets. Gaining...