Earlier quoted context omitted.
WhatsApp wouldn't exist today (at least not at the current scale) had Facebook not bought it. They have operated for over a decade now, serve 2 billion users, and have made close to zero revenue the entire time.
That's not true. They were charging $1/user/year (possibly only on Android and in some countries) before their acquisition. And their costs were low. I'm pretty sure they were profitable.
> WhatsApp’s six-month revenue for the first half of 2014 totaled $15.9 million and the company incurred a staggering net loss of $232.5 million, though the majority of that loss was for share-based compensation.
WhatsApp was always running on VC cash.