[001sky]

News flash: most technology companies...

While its true that lack of profits limit dividends, return on invested capital is measured using other metrics. So the question of dividends "not a news flash", in the sense that it's not central to the topic.

The question of profits, though remains. Three possibilities:

(1) Tax losses & Tax Shields (avoidable, but cash positive)

(2) Obfuscation of earnings (avoidable, but to deter entry)

(3) Stategic operating losses (unavoidable)

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(4) Incompetence (or actual lack of business leverage).

Since no one is really arguing (4) the question is more which of 1-3 is relevant? I don't think avoiding dividends would be a central consideration, but YMMV.