[harry8]

In a world where inter-company expenses [1] charging out for IP use, accounting & HR services, strategic direction etc. etc. exist, something so simple as expenses being larger than revenue being an accurate economic measurement is wholly unreliable at best. Intel market analysts will be starting with the statement of cash flows and reconstructing how they think it should all look from there using the financial statement footnotes and all their other research & knowledge.

[1] Frequently cross-border for tax purposes but there are plenty of non-tax reasons for filling and draining hollow logs.