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We are talking here about the (net) profit margin, not the operating margin. The link you gives confirms the net margin is 19%. Please delete or edit the unfounded personal attack in your comment, as it is uncivil and inappropriate for this forum.

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So now we are hiding behind semantics? If 942M is 37% operating profit then with a tax rate of 22% the net profit is still 29% for the publishing arm. Still way higher than 19%.

You are confusing the parent company with the publishing part for that 19%, which is the main subject here. You are uninformed.

No, the difference between operating profit and net profit is not simply tax. It is not "semantics". The net profit is the actual profit of the company. I see you haven't removed your personal attack above, so this is the end of the discussion. You clearly cannot argue logically and civilly, so it's a waste of time.

Whatever, it does not imply that any part of that expense is editorial. In fact it could be lobbying costs, marketing and sales. Or the cost of maintaining the paywalled system, and copyright lawyers.

The www was quite literally designed for sharing scientific papers. Hosting them is a 1990s problem. The real cost is in building a paywall and enforcing it

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