This is not true in most cases.
It's not about being profitable, it's about always making more and more and more and more - the so-called growth.
Let's take the case of reddit inc. Their revenue grew from just $25 million in 2016 to over $500 million in 2022. If they can't make a profit with that, I don't know what to say (I'd say the leadership buys a new ferrari every month, probably). According to this thread, reddit operating costs were around $35k dollars back in 2011. Even if you were to multiply that by a factor of 10, it's still just a couple million dollars per year. Multiply it by 100, and still They. Are. Fucking. Profitable. As. Fuck.
No, the problem is not profitability and paying the bills. Fuck no. The problem is them wanting more than what is remotely reasonable, and of u/spez being a greedy fucking pig and wanting not simply a big, but instead a spectacular cashout in their coming IPO. Well, fuck the greedy little pig boy and fuck reddit.
Dr_Fetus_Jackson