'Bloomberg Technology' Full Show (02/01/2023)
CAROLINE: I'M CAROLINE HYDE THAT THE BLOOMBERG WORLD HEADQUARTERS IN NEW YORK. ED: AND I'M ED LUDLOW IN SAN FRANCISCO. PROGRESS IN THE BATTLE OF INFLATION.
WARNINGS ON RATES AND WE HAVEN'T EVEN GOTTEN TO EARNINGS YET. ED -- CAROLINE: MACRO AND MICRO, SO IMPORTANT. PLANS TO BUY BACK META-SHARES, WORKING AGAINST EFFICIENCY FOR LONG-TERM GOALS IN SHORT-TERM COST-CUTTING AS THEY GET COURT APPROVAL TO PURCHASE AVR STARTUP. AND MY EXCLUSIVE CONVERSATION
WITH ALEX KARP, WHO HAS POINTED WORDS FOR SHAREHOLDERS AND POTENTIAL NEW HIRES. CRYPTO -- CRYPTO HACKERS -- CAROLINE: CRYPTO HACKERS STORE MORE THAN EVER INTO THOUSAND 22. AT FIRST, LET'S STICK WITH THE NASDAQ. YOU JUST CALL IT. WHAT A RALLY WE SAW FOR TECH STOCKS OUTPERFORMING. THE RELIEF FROM THE FEDERAL RESERVE WHO SEEMS TO BE INDICATING A DIALING BACK AND ALL OF THOSE RATE HIKES. THE WORLD INDEX IS UP 9/10 OF 1% AS EUROPE WAS CAUTIOUS AHEAD OF THE FED, ECB, THE BOE. CHINESE TECH STOCKS DID PRETTY
WELL IN MORNING TRADING. TWO-YEAR YIELDS COMING DOWN SIGNIFICANTLY AS WE ANTICIPATE THE TERMINAL RATE, WHERE WE WILL EVENTUALLY GET WITH THE FED, SLIGHTLY LOWER. AS ANXIETY DIES DOWN, THE MONEY GOES INTO THE INFLATION HEDGE. IT'S A RISK ASSET. BITCOIN CLIMBING AND SURGING
MORE THAN 4% IN THE LAST COUPLE OF DAYS. ED: YEAH THERE WAS SO MUCH ACTION PRE-FED AS WELL. PELOTON, IMPROVING CASH FLOW, VERY MCCARTHY CALLING THE COUNTRY BACK FROM THE BRINK OF EXTINCTION. LOOK AT HOW SUSTAINED THE MOMENTUM IS. 26.5%, THE BIGGEST JUMP ON RECORD. HOW QUICKLY HAS THAT STORY TURNED AROUND? GETTING TO THE BIG ONE, META-. ABSOLUTELY SURGING.
A BULLISH FORECAST FOR THE FIRST QUARTER. NUMBERS IN A MOMENT AND SHARE BUYBACKS, HOW MUCH IS THE COMPANY BUYING ITS OWN DEBT? A QUESTION WE NEED TO ASK AND WHEN IT HITS, HOW HEALTHY IS THE ADVERTISING MARKET? LOOK AT ALPHABET, SHARES JUMPING IN AFTER HOURS. IS THIS A FEEL-GOOD GOING INTO THAT BECAUSE THINGS ARE GETTING BETTER FOR THE APP SPACE? I WANT TO GET STRAIGHT TO ALEX BARINKA. ALL THE KEY TAKEAWAYS. WHAT WERE THE TOP LINES? ALEX: THE 18% BECAUSE BUMP WITH COST-CUTTING. THEY'VE HAD SHAKY GROUND WITH
INVESTORS OVER THE LAST 12 MONTHS BECAUSE OF HOW MUCH THEY SAY THEY ARE SPENDING ON THINGS LIKE THIS FAR-FLUNG DIVISION OF THE VIRTUAL REALITY METAVERSE. THEY HAVE COME BACK TO REALITY AND LOWERED EXPECTATIONS FOR 2023. I THINK THAT THE ICING ON THE CAKE ON THAT IS PROBABLY EXCITING INVESTORS. THE ADDITIONAL $4 BILLION TO THEIR SHARE PURCHASE PLAN. META-STOCK, SOLD OFF THE MOST EVER IN 2022. ADDING TO THE BUYBACK HAS
CERTAINLY GOTTEN FOLKS EXCITED TO. IN TERMS OF THE BROADER MARKET AND WHAT WE MIGHT ALSO SEE FROM ALPHABET TOMORROW, THE TOP LINE ESTIMATES FOR THE FIRST QUARTER REVENUE, THEY ARE PROJECTING 26 TO $28.5 BILLION, BASICALLY STRADDLING AVERAGE ANALYST EXPECTATIONS.
THERE MIGHT BE CLUES UNDER THE HOOD HERE THAT THE GENERAL MALAISE IS LEVELING OFF SIMILAR TO WHAT WE HEARD YESTERDAY FROM SNAP. AS THE EARNINGS CALL GETS STARTED I'M SURE THERE WILL BE QUESTIONS ON COSTS, ASPIRATIONS, AND WHERE THE REVENUE STABILIZATION IS COMING FROM. CAROLINE: AND I'M SURE COMPETITION WITH TALK. IT'S NOTABLE THAT WE ARE GETTING THE PUSH UP IN THE SHARES BUT WE ARE STILL AT HALF OF WHERE WE WERE IN STOCK VALUE FROM LAST YEAR. ANYTHING ON WHERE THE CHEAP ADS, FOR EXAMPLE, ARE LOOKING? ALEX: YES THAT NARRATIVE WAS VERY BIG LAST EARNINGS CYCLE. REELS IS SERVED UP BASED ON AN ALGORITHM, REALLY STICKY, IT'S THEIR ANSWER TO TIKTOK AND THEY HAVE SHOWN SOME STRIDES IN GETTING USERS ON BOARD TO SPEND MORE TIME THERE BUT THE PROBLEM IS IT DOESN'T MAKE AS MUCH MONEY AS OTHER PLACES WHERE THEY CAN SERVE ADS.
LAST CYCLE THEY SAID THIS WOULD BE A 12 MONTH TO 18 MONTH PROCESS BEFORE THEY CAN CLOSE THE GAP. 100% I'M SURE FOLKS ARE WORKING TO GET AN ANSWER ON THAT FRONT. ED: AS YOU WROTE, INVESTORS HAVE BEEN LASER FOCUSED ON SPENDING BUT THE NUMBER THAT CAUGHT MY EYE IS THIS FACEBOOK CORE PLATFORM USER BASE. GROWTH IN THE LAST YEAR, HOW
SURPRISING IS THAT? MICHAEL: IT'S A BIT SURPRISING. THEY'VE BEEN AROUND FOR ALMOST TWO DECADES NOW. TO HAVE CLEARED THE BENCHMARK OF 2 BILLION PEOPLE USING IT EVERY DAY IS AN INTERESTING LITTLE NUMBER FOR A PLATFORM THAT HAS BEEN AROUND FOR A WHILE. THEY HAVE TO MAKE CHANGES TO FACEBOOK, BRINGING IN NEW THINGS, LISTENING PERHAPS TO WHAT USERS LIKE FROM OTHER PLATFORMS AND BRINGING IT INTO THEIR LEGACY APPS.
I'M SURE THEY WILL BE BRAGGING ABOUT THAT. MARK ZUCKERBERG WAS. AND ABOUT WHAT HE'S CALLING 2000 23, THE YEAR OF EFFICIENCY. THOSE ARE THE TOP TWO THEY ARE SELLING TO INVESTORS AS THEY LET OUT THE EARNINGS. CAROLINE: JUST A PERFECT SUMMATION. LET'S GET INTO AN EVEN MORE DEEP DIVE FOR YOU.
DEBORAH, YOU WERE LOOKING AT THE DAILY ACTIVE USERS OF FACEBOOK AS WELL. ENGAGEMENT. IT'S INTERESTING, PEOPLE ARE STILL COMING TO THOSE PLATFORMS AND ADDING EYEBALLS. BUT WHAT ABOUT THE ACTUAL REVENUES? FLEX IT'S A GOOD SIGN, JUST TO SAY RIGHT STRAIGHT OUT, THAT DAILY AND MONTHLY ACTIVE USERS FOR A PLATFORM ON FACEBOOK THAT IS QUITE, QUITE OLD IN SOCIAL NETWORK TERMS IS STILL GAINING, RIGHT? SO YOU HAVE TO TAKE THAT AS AN IMPORTANT SIGN. THAT SAID, I'M PRETTY CONFIDENT THAT THE GAMES ARE MOSTLY GOING TO BE OUTSIDE THE CORE ADVERTISING MARKETS, THE UNITED STATES AND EUROPE. AND THAT IS WHERE META-HAS BEEN ABLE TO -- META HAS FOR A LONG TIME NOW BUT ABLE TO CHARGE MAUREEN GENERATE A SPECIFIC LEVEL OF REVENUE FOR SOPHISTICATED ADVERTISERS. WHERE YOU ARE SEEING THE CUT ECONOMY HERE, AND IT'S TRUE FOR STAFF AS WELL, BECAUSE THE GROWTH IS IN AREAS WITH UNDERDEVELOPED MARKETS OR UNDERDEVELOPED ADVERTISING BUSINESSES, IT'S IMPACTING THE OVERALL REVENUE PICTURE FOR THE COUNTRY. CAROLINE:
ALSO PUT INTO PERSPECTIVE THAT YOU HIGHLIGHT TIME AND AGAIN, THIS IS THAT IN NORMA'S AMOUNT OF REVENUE. MORE THAN 116 BILLION ON ANNUAL BASIS. BUT THE REVENUE HAS BEEN DOWN FOR THREE STRAIGHT ORDERS. >> ABSENT -- >> ABSOLUTELY. IF WE LOOK BACK AT THE FIRST FULL YEAR THEY CLOSED WITH THEIR FIRST FULL YEAR DECLINE IN AD REVENUE BUT IT WAS LESS THAN A THOUGHT OVER THE 2% DECLINE. BUT THAT IS NOT ACTUALLY A GOOD
SIGN WHEN YOU THINK AND PULL BACK TO 2021, WHICH WAS A YEAR WHEN REAL WORLDWIDE AD REVENUE GREW 37%. WE HAVE SEEN A HUGE SWING IN THE PERFORMANCE OF THE COMPANY. PARTIALLY BECAUSE OF EXTERNAL FACTORS LIKE A WORLDWIDE ECONOMY THE CHANGES THEY MADE TO THE EFFECTIVENESS AND EFFICIENCY OF ADVERTISING. BUT ALSO I MEAN IT'S TRUE THAT WHEN WE THINK ABOUT WHERE MARK ZUCKERBERG HAS BEEN FOCUSING HIS TIME AND ATTENTION IT HAS BEEN ON THE METAVERSE.
TO SOME EXTENT LAST YEAR HE TOOK HIS EYE OFF THE BALL OF THE FACT THAT FACEBOOK AND INSTAGRAM ARE TWO OF THE BIGGEST WORLDWIDE SOCIAL PLATFORMS AND THERE IS STILL ROOM TO GROW. I THINK THAT IS SOMETHING THEY ARE TRYING TO RECTIFY NOW GOING INTO 2023. ED: WELL HE CALLED 2023 THE YEAR OF EFFICIENCY, SOMETHING SHAREHOLDERS HAVE BEEN LOOKING TO HEAR FOR A LONG TIME. THE OTHER THING SHAREHOLDERS WANT TO HEAR IS BUYBACKS AND A LOT OF THEM. WE ARE SHOWING THEM ON THE SCREEN, THIS CHART. IS THIS JUST META-BUYING ITS
OWN DIP? >> IT'S AN AREA AROUND USER METRICS. I CAN'T SPECIFICALLY COMMENT ON THAT BUT ANYTHING BOTTOM LINE THAT META IS DOING TO IMPROVE PROFITABILITY, REDUCE EXPENSES, COUNTERACTED THIS SORT OF REVENUE SHORTFALL, WILL BE GOOD FOR THE COMPANY. ED: LET'S TALK ABOUT REVENUE, THEN. WE HAD SNAP. SHARES ARE STILL ON THE SCREEN. ALPHABET IN 24 HOURS. HOW MUCH CAN YOU TAKE FROM THIS THAT THINGS ARE BROADLY IMPROVING AS IT RELATES TO SOCIAL MEDIA PLAYERS. WE HAVE HAD TWO VERY DIFFERENT
PERFORMANCES. SNAP, PRETTY UNFORTUNATE FOR THE COMPANY YESTERDAY. META TODAY, IT MUCH MORE SOLID PERFORMANCE BUT STILL, THE REVENUE DECLINE IS NOT SOMETHING YOU SHOULD JUST BRUSH UNDER THE RUG, IT'S VERY NOTABLE. AND WHEN YOU LOOK AHEAD TO GOOGLE, GOOGLE HAD ISSUES LAST QUARTER YOU TO, WHO COMPETES VERY CLOSELY WITH INSTAGRAM COMES TO REELS ON TIKTOK, NETFLIX. THESE ARE ALL THINGS WE'RE GOING TO BE PAYING A LOT OF ATTENTION TO. ED: DEBORAH, THANK YOU SO MUCH FOR JOINING US FROM INSIDER INTELLIGENCE. OPEN AI, INTRODUCING THE $20
PER MONTH SUBSCRIPTION FOR A PREMIUM VERSION OF CHATTERJEE PT. -- CHAT GPT. AND IT WILL HAVE FASTER RESPONSE TIMES WITH NEW FEATURES. OPEN AI IS LOOKING FOR VIABLE IS THIS MODELS, INCLUDING THE MULTIBILLION-DOLLAR DEAL WITH MICROSOFT. COMING UP, THE PELOTON CEO SAYS
THE COMPANY IS NO LONGER AT THE BRINK OF EXTINCTION. SEE THE SHARE REACTIONS IN THEIR LATEST REPORT. A WET -- RECORD THIS WEDNESDAY. WE BRING YOU THE REACTION, NEXT. THIS IS BLOOMBERG. ♪ ED: SHARES OF PELOTON ABSOLUTELY SOARING AS THE COMPANY REPORTED IMPROVED CASH FLOW IN A NARROWER NET LOSS IN THE LAST QUARTER. THE CEO SAID THE QUESTIONS
ABOUT VIABILITY HAVE BEEN PUT TO BED. HAVE THEY? JOINING US NOW IS THE DIRECTOR OF RESEARCH EQUITY OVER AT EVERCORE. IS IT PUT TO BED? IS EXTINCTION BEHIND US? >> I THINK SO. I THINK THE QUESTION ISN'T ABOUT EXTINCTION ANYMORE. THE QUESTION IS ABOUT WHETHER
THIS WILL BE AN EPIC GUNBATTLE AS HE SAID IN HIS LETTER. I CALL IT A RESPECTABLE COME BACK WITH THE BIG POSTER THEY MADE WITH SUPPLY RELATED COSTS. WHAT'S BECOME INCREASINGLY CLEAR IS THIS BUSINESS IS FELT TO BE SUSTAINABLE ON AN ACTUAL BASIS, THEIR NUMBER ONE PRIORITY. WHAT REMAINS UNCLEAR IS HOW
THEY SHOULD THINK ABOUT GROWTH FOR THE COMPANY. ED: YOU MENTIONED COME BACK. WE ASKED OUR OWN EVIDENT -- OUR OWN AUDIENCE IF THIS IS EVIDENCE OF THE PELOTON COME BACK. OVERWHELMING EVIDENCE, NOT CONVINCED, 66% OF RESPONDENTS. WHAT IS IT THAT THE CONSUMER FEELS RIGHT NOW.
HOW DO WE ASSESS USER BASE AND GROWTH POTENTIAL BASED ON >> THIS? >> THE SCORE REMAINS HIGH. USAGE AND ENGAGEMENT WITH THE PRODUCT REMAINS ROBUST. RETENTION RATES ARE INTRINSICALLY HIGH FOR THIS WHEN IT'S COMPARED TO SOME OF THE OTHER SUBSCRIPTION-BASED BUSINESSES. WHAT'S NOT CLEAR IS HOW MANY MORE OF THESE INTERNET CONNECTED HOME FITNESS EQUIPMENT CAN THEY SELL IN THE MARKET? WHAT'S THE ACTUAL GROWTH RATE? AND CAN PELOTON GROW FASTER THAN THE INDUSTRY? ARE WE TAPPING OUT ON THE MARKET OPPORTUNITY OR CAN THIS GROW IN DOUBLE DIGITS? THE JURY IS OUT ON THAT. ED: YEAH, THE JURY IS OUT. LOOKING ACROSS THE SELL SIDE
REACTION, I GUESS THE CONCERN IS THAT WE BELIEVE BARRY MCCARTHY IN THE NEAR TERM WITHOUT HAVING ANY EVIDENCE OF WHAT THE GROWTH STORY IS TWO OR THREE YEARS FROM NOW. THAT SEEMS TO BE THE SKEPTICISM OUT THERE. >> THAT'S EXACTLY RIGHT. WHAT WAS IN THEIR CONTROL WAS CUTTING COSTS, HEADCOUNT REDUCTION. AS WELL AS INVENTORY
MANAGEMENT. BETTER INVENTORY DEMAND MANAGEMENT. ALL OF THAT HAS BEEN DONE IN THE PAST AND THEY HAVE DONE A GREAT JOB. WHAT IS NOT IN THERE IS THE DRIVING DEMAND. HOW MUCH UPPER BALANCE DUE THEY NEED TO DO WITH MARKETS TO DRIVE FOR MENTAL DEMAND -- DEMAND AND MAINTAIN POSITIVE CASH FLOW PROFITABILITY? AND WHAT'S NOT CLEAR WITH THE UNHAPPY IS THE RECENT SHIFT WITH OUTSOURCING CUSTOMER SERVICE. THE EXPERIENCE CUSTOMERS USE TO
HAVE IS NOT THE SAME IN TERMS OF EXPECTING CUSTOMER SERVICE THAT THEY HAD BEFORE, AS WELL AS THE DELIVERY EXPECTATIONS WITH THE EQUIPMENT. CAROLINE: YEAH, GOT TO BUILD YOUR OWN. I'M INTERESTING -- INTERESTED IN WHAT THEY HAVE TO DO NEXT. IS IT MOST IMPORTANT THAT THESE PARTNERSHIPS WORK OUT OR IS IT ABOUT SELF INVESTMENT TO UPDATE THE APP AS NEEDED AND REDUCE CUSTOMER SERVICES AS NEEDED? >> IT WILL BE A BLEND OF BOTH. IT'S CLEAR THAT CUSTOMER SERVICE NEEDS TO BE BETTER THAN WHAT IT HAS BEEN IN THE PAST BUT INCREASINGLY IS HOW THE INCREMENTAL USER BASE THAT THEY WILL GET, THE GROWTH DRIVERS, THAT THEY WILL BENEFIT FROM NOT ONLY THE DISTRIBUTION PARTNERS THAT YOU CALLED OUT, INCLUDING SING THE INCLUSION OF MORE REGULARS BUT ALSO INTERNATIONAL PARTNERS. THEY LAUNCHED IN AUSTRALIA AND EXPANDED INTO DIFFERENT COUNTRIES WITH PRODUCT CATEGORY EXPANSION AND WHAT THEY CALL A FITNESS SERVICE PRODUCT.
WHICH INCLUDES THE PREOWNED PELOTON. ESSENTIALLY THEY ARE TRYING TO MAKE IT EASY FOR THE AVERAGE CUSTOMER TO, TO BUY THIS RELATIVELY MORE EXPENSIVE EQUIPMENT. ED: RIGHT AND THEY ALSO RELIED OF COURSE ON PROMOTIONS AND HOLIDAY SEASON SALES.
THANK YOU FOR THAT. COMING UP, SOME OF MY EXCLUSIVE CONVERSATION WITH ALEX CAR. THAT COMES NEXT. A FASCINATING, COMBATIVE CONVERSATION. THIS IS BLOOMBERG. ED: PALANTIR, AT TIMES MYSTERIOUS FIRM, MAKING COMMERCIAL BUSINESS AFTER THRIVING IN CHAOS. I SAT DOWN FOR AN EXCLUSIVE INTERVIEW WITH THE PALANTIR CEO, ALEX CARP. TAKE A LISTEN. ALEX:
WE ARE A COMPANY WHOSE MOST PORTION PERSON IS TO POWER THE WEST TO EVEN HIGHER HEIGHTS IN THE COMMERCIAL AND GOVERNMENT CONTEXT. WE HAVE DONE THIS IN ANTI-TERROR, THE CONTEXT OF DATA . YOU CAN'T DO THAT IF YOU ARE ALSO TRANSFERRING THOSE TECHNOLOGIES DIRECTLY OR INDIRECTLY TO YOUR ADVERSARIES AND WE HAVE NEVER DONE IT. ED: ONSTAGE YOU TALKED ABOUT BEING
A PUBLIC COMPANY WITH A RESPONSIBILITY TO SHAREHOLDERS AND -- AND AT TIMES OVER THE YEARS SHAREHOLDERS HAVE COMPLAINED TO YOU. THE STRATEGY OF INVESTORS NOT SHARING, GOING OFF THE SHARE PRICE PERFORMANCE A. WHAT'S YOUR MESSAGE TODAY ABOUT THAT? JANICE: SO WE ARE A COMPANY WITH A PRIMARY MISSION.
TO MAKE THE WEST STRONGER AND BETTER. THE MISSION HAS SECONDARILY LED TO 61% CATER OVER 20 YEARS. THE SHARE PRICE I THINK IS A BIT OF A RED HERRING.
ALL TECH IS DOWN. I DON'T THINK HOURS HAVE BEEN MORE PUNISHED THAN ANYONE ELSE'S. IF YOU ARE AN INVESTOR WHO WANTS TO GO LONG ON TRANSFORMING THE COUNTRY AND OUR ALLIES, YOU HAVE A HOME AND PALANTIR AND I HAVE NEVER WAVERED FROM THAT STATEMENT. IF YOU DON'T WANT TO INVEST IN US BECAUSE OF THAT, YOU SHOULDN'T. IF YOU ARE INVESTING IN US
THINKING I'M GOING TO CHANGE, YOU'VE MADE A MISTAKE. CARDS ON THE TABLE IT'S NOTHING BESIDES TRANSPARENCY. GOING TO UKRAINE I DIDN'T ASK THEM CAN YOU PAY US, I SAID HERE'S THE PRODUCT. WHEN WE STARTED OFF IN AMERICA, PANDEMIC AND BRITAIN, WE SAID LOOK WE COULD HELP. WE SAID THIS IS THE MISSION. WE ARE ALIGNED WITH INVESTORS
AND SAYING HEY HERE'S THE TRUTH. WE MIGHT DO CRAZY DEALS IN ADVERSARIAL COUNTRIES. WE MIGHT PUT OTHER MISSIONS AHEAD. I TELL THE MOST IMPORTANT INVESTORS THAT EVERY DAY, HOW
ARE INVESTORS WHOM I REVERE, I TELL THEM THAT EVERY TIME I GO IN TV, YOU KNOW WHAT YOU ARE BUYING WHEN YOU BUY PALANTIR. ED: IN TERMS OF TRANSPARENCY YOU HAVE SOLD STOCK SINCE THE LOCKUP. ALEX: IN THE FAIRNESS OF TRANSPARENCY IN THE LAST YEAR OR SO I HAVE ONLY SOLD FOR TAX REASONS. ED: GRATEFUL TO BE WITH YOU HERE IN PALO ALTO BUT SURPRISED TO BE HERE IN PALO ALTO. YOU TALKED ABOUT MONOCULTURE HERE IN SILICON VALLEY. YOU HAVEN'T COME BACK OFTEN FROM COLORADO. ALEX: SILICON VALLEY HAS OBVIOUSLY
FAILED IN ITS MISSION TO PRODUCE USEFUL TECHNOLOGY FOR THE WORLD TO MAKE IT A BETTER PLACE. I THINK WE WERE THE FIRST REASONABLY LARGE COMPANY TO LEAVE. I'M HAPPY TO COME BACK AND SAY LOOK, POWER OCCASION IS A POSITION WE ARE PROUD OF. ED: THERE ARE MANY WOKE ENGINEERS WHO LOST JOBS RECENTLY AT TECH GIANTS AND I KNOW YOU ARE OPEN TO GROWTH. ARE YOU LOOKING TO HIRE THOSE ENGINEERS? ALEX: DO NOT JOIN PALANTIR IF YOU ARE NOT WILLING TO WORK WITH THE U.S. MILITARY AND THEIR ALLIES. YOU CAN HAVE ANY POLITICAL POV
YOU WANT AS LONG AS THAT'S NOT A QUESTION FOR YOU. IF IT IS, PALANTIR IS NOT YOUR HOME. ED: UNAPOLOGETIC, UNCOMPROMISING. HE KNOWS WHERE HE STANDS AND IS COMPLETELY COMFORTABLE WITH HIS OFFERING TO GOVERNMENT, SECURITY SERVICES. THAT'S A SMALL GLIMPSE OF A MAN
SHUNNED BY SILICON VALLEY BECAUSE HE HAS SHUNNED THEM. CAROLINE: RETAIL INVESTORS, HOW IN ON IT ARE THEY? ED: THE TWITTER RESPONSE WAS INTERESTING, MORE ENGAGEMENT FROM VITO INVESTORS THAN I EXPECTED. UNLESS YOU ARE DOING BUSINESS WITH THE COMPANY YOU DON'T REALLY KNOW WHAT IT IS THEY ARE DOING. INTERESTING POINT.
>> TALKING ABOUT THE PUBLIC SIGNING ON, TALKING TO YOU, THIS IS AN ERA OF TRANSPARENCY. COLORADO, THAT IS WHERE TEXTILES WERE BOARDING AND WE HAVE TO GET OVER THERE TO SEE WHAT ELSE IS BEING BUILT. ED: YOU HURT HIM, HE SAID SILICON VALLEY HAS FAILED. BUT THERE WAS GROWTH TODAY IN THE BAY AREA AND THAT'S THE CONVERSATION.
COMING UP, FIT NEWS IMPACTING THE TECH SECTOR. WE HAVE GOT TO GET TO THAT TOP STORY. CAROLINE: PLUS A RECORD AMOUNT OF CRYPTO WAS STOLEN IN 2022. DEEP DIVE ON WHO IS TO BLAME THEIR. CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY.
THE TECH SECTOR IS GETTING A LIFT OFF TODAY FROM THE MACRO STRATEGY FROM THE FED. ED: THIS IS THE FIRST BIG POST-FED REALITY -- RALLY SINCE JULY. IT IS A SNAPSHOT OF THE STORY. WE HAVE ONE OF THE GREAT
BLOOMBERG MINES JOINING US IN A MOMENT. 25 BASIS POINT HIKE AND A WARNING FROM JAY POWELL THAT WHILE THEY ARE MAKING PROGRESS ON INFLATION, THEY STILL FORESEE HIKES TO COME. FOR THE MARKET, IT'S ABOUT WHAT DOES THE PIVOT COME? YOU ASKED ABOUT TECH, HIGHER RATES -- FUTURE PROFITS. THAT'S WHY WE LOOK SO CLOSELY AT THE RELATIONSHIP BETWEEN THE YIELDS AND NASDAQ FUTURES. LET'S TALK ABOUT RISK ASSETS.
IT WAS A BROAD RALLY. ALSO MORE SPECULATIVE CORNERS OF THE MARKET. THESE STOCKS TRADE AT EXTREME MULTIPLES. SUMMER LEE FOR THEM, BECAUSE THEY HAVE BEEN SOME OF THE MOST DOWNTRODDEN CORNERS OF THE MARKET THROUGH THIS HIKING CYCLE AND NOW WE START TO LOOK AT THIS MORE POSITIVELY AND THAT INCLUDES BITCOIN. WE BOTH SAID EARLIER IT'S A
RISK ASSET. CAROLINE: LET'S GET INTO ALL OF IT. WE ARE PLEASED TO SAY BACK TWO DAYS IN A ROW, ISABEL IS WITH US. YOU ARE BRACING FOR THE TECHNOLOGY REACTION TO THIS MACRO STORY. LET'S DIG INTO THE TECH SHARES. THIS IS BEEN THE BIGGEST BEAT AS OF LATE. GUEST: A LOT OF TECH SHARES REALLY EXTENDED THEIR GAINS. META, AMAZON, ALPHABET ALL SOARING NORTH OF 2%.
THEY WERE PUMMELED LAST YEAR. THEY DON'T LIKE RISING INTEREST RATES BECAUSE IT'S NOT GOOD FOR THEM OR THEIR PROJECTED PROFITS. NOW, THEY ARE HAPPY THEY CELEBRATED IT. THE NASDAQ IS UP PERCENT AND IT'S PROBABLY GOING TO BE THE START FOR THEM. TODAY META POST MARKET IS TRADING WELL BECAUSE OF A ROSY OUTLOOK.
MAYBE IT'S THE START OF A NEW REGIME. ED: ON A DAY LIKE TODAY, THERE ARE TWO PLACES I GO. FED <GO> ON THE TERMINAL. THEN I GO TO BITCOIN. YOU HEARD US TALKING ABOUT IT, BITCOIN AND THE RISK AS IT REACTION, IS THAT A FAIR MOVE BY ME TO MAKE? GUEST: IT KIND OF IS. BITCOIN FOR SOME REASON HAS SORT OF 4%. -- IT HAS SOARED 4%. IT IS STILL UP. A LOT OF PEOPLE SAID BITCOIN IS
BEHAVING LIKE A TECH SHARE. IT IS OBVIOUSLY RISING AS WELL. ARCANE RESEARCH SAID IT'S GOING TO BE A BAD MONTH FOR BITCOIN BECAUSE THE PATH OF THE FED IS STILL UNSURE. ARE TO PAUSE OR. ? IT REMAINS TO BE SEEN. SOME STILL REMAIN VERY BULLISH ON BITCOIN. CAROLINE:
OFTEN THE MOVES WE SEE AFTER THE FED ANNOUNCEMENT ARE COMPLETELY UNDONE THE NEXT DAY. LONGER-TERM, THE BULLS ARE STILL BULLISH ABOUT BITCOIN. ACCORDING TO ONE ETF QUEEN, WE ARE GOING TO GO WELL BEYOND $23,000. GUEST: ACCORDING TO CATHIE WOOD, WE WILL HIT ONE MILLION IN THE NEXT DECADE.
THAT IS 4200% HIGHER FROM WHERE WE ARE TODAY. ONE MILLION IS THE BULL CASE. HER BARE CASE IS 258000 AND HER BASE CASE IS 682,000. IT'S HARD TO IMAGINE HOW WE WILL GET THERE ESPECIALLY IF WE LOOK AT WHERE WE ARE TODAY. IS NOT THE FIRST TIME SHE HAS SAID THE ONE MILLION TARGET. SHE SAID IN NOVEMBER WHEN BITCOIN WAS HOVERING AT $15,000. ONE THING I ADMIRE ABOUT CATHIE
WOOD IS HOW SHE STICKS TO HER GUNS. A LOT OF PEOPLE LOVE HER, A LOT DISLIKE HER, BUT SHE IS REALLY A WOMAN OF CONVICTION. ED: A VERY BUSY DAY FOR YOU IN THE CROSS AS IT TEAM. WE HAVE A BIT OF A CYCLE TO GO. STICKING WITH CRYPTO, THIEVES STOLE $3.8 BILLION WORTH OF CRYPTOCURRENCY IN 2022 ACCORDING TO A STUDY.
MORE THAN HALF OF IT WAS FROM NORTH KOREA ALONE. OUR GUEST HAS BEEN WRITING ABOUT THIS DATA AND JOINS US NOW. TWO STORIES, A TERRIBLE YEAR FOR CRYPTO MARKETS IN 2022. ALSO A VERY BAD YEAR FOR THOSE WHO HAD CRYPTOCURRENCY STOLEN ESSENTIALLY. GUEST: THAT'S RIGHT AND A BAD YEAR FOR PEOPLE WHO ARE STEALING THEM.
THIS IS A HUGE NUMBER, $1.7 BILLION OF THE $3.8 BILLION STOLEN BY NORTH KOREAN HACKERS. IT IS THE SAME GROUP ACCORDING TO THE U.S. GOVERNMENT PREVIOUSLY BREACHED
SONY YEARS AGO. AND TRIED TO STEAL UPWARDS OF $1 BILLION FROM THE CENTRAL BANK OF BANGLADESH. CAROLINE: WHY ARE THEY DOING IT? GUEST: IT PAYS, IT HELPS THEM GET AROUND SANCTIONS. THE U.N. AND THE U.S. HAVE COME OUT VERY FORCEFULLY AGAINST NORTH KOREA OVER THE PAST FEW GENERATIONS.
CRYPTOCURRENCY IS HARDER TO TRACK. IT IS EASIER TO HIDE AND IT'S EASY TO STEAL. IF YOU THINK BACK AT THE WAY U.S. INTELLIGENCE AGENCIES WOULD HAVE ASSESSED THAT NORTH KOREA WAS SELLING COUNTERFEIT CIGARETTES OR OTHER WAYS TO GET AROUND SANCTIONS, THIS IS THE LATEST DURATION OF THAT. -- THE LATEST ITERATION OF THAT.
ED: WE TALKED ABOUT NORTH KOREA. WHAT IS THE U.S. GOVERNMENT DOING TO PREVENT THEFT LIKE THIS? GUEST: THE U.S. IS SCRAMBLING TO EDUCATE COMPANIES AND INVESTORS ABOUT THE RISK INVOLVED. THIS GROUP HAS BULLIED CYBERSECURITY DEFENDERS FOR A LONG TIME. THE TREASURY DEPARTMENT FOR INSTANCE WHAT THEY'RE DOING IS RELEASING BULLETINS AND ADVISING CRYPTOCURRENCIES -- COMPANIES AND CRYPTO ADJACENT COMPANIES ABOUT THE RISK OF HIRING NORTH KOREANS POSING AS NON-NORTH KOREANS IN ORDER TO GATHER INTELLIGENCE OR WORK ON PROJECTS OR STEAL INFORMATION FOR PYONGYANG. CAROLINE:
ANYTHING THAT CAN BE MADE SAFER? GUEST: PROTECT PASSWORD, BE SMART ABOUT THE SERVICES YOU'RE USING, WATCHING BLOOMBERG. CAROLINE: WELL SAID. THANK YOU FOR COMING ON AND TALKING ABOUT THIS. WE HAVE SO MUCH MORE IN TERMS OF EARNINGS. SOFTWARE MAKING BOOSTING THEIR OUT YIELD -- OUTLOOK. ALSO WHAT IS HAPPENING WITH META? ED: IT'S INTERESTING BECAUSE THERE IS THE CALMNESS FROM THE CFO TALKING ABOUT ONGOING WEAKNESS IN FINANCE, QUESTIONS AROUND GENERATIVE AI. BUT THEY FOCUSED ON REELS AND HOW THEY'RE GOING TO MONETIZE REELS EFFICIENTLY.
IT'S NOT SURPRISING THAT HAS COME UP IN THE CALL EARLY. CAROLINE: ALSO VR. THE SEEM TO BE GETTING THE NOD FROM THE COURT THAT IT CAN BUY WITHIN UNLIMITED THE KEY PURCHASE. NEWS COMING FROM META STICK WITH US HERE ON BLOOMBERG TV. ♪ ED: SHARES OF DYNATRACE JUMPED AFTER THE COMPANY POSTED BETTER-THAN-EXPECTED FINANCIAL RESULTS BUT CRUCIALLY GUIDANCE.
IT PROVIDES SOFTWARE WHICH HELPS COMPANY MONITOR THEIR COMPUTING SYSTEMS AND IDENTIFY PERFORMANCE ISSUES WITH A FOCUS ON AI SOLUTIONS. JOINING US NOW CEO OF DYNATRACE. A BIGGEST JUMP SINCE MARCH 2020. YOU GIVE STRONG GUIDANCE WHICH IN THIS MARKET IS IMPORTANT. WAS THIS ABOUT PRICING THAT YOU WERE ABLE TO WIN? ADVANTAGE OVER PETITION? TELL US ABOUT THE ABILITY TO DRIVE STRONG GUIDANCE. GUEST: IT REALLY IS ABOUT THE MARKET FOR DIGITAL TRANSFORMATION OVERALL BEEN OBSERVABILITY FOR OUR MARKET WHICH IS AROUND $50 BILLION SPACE SPECIFICALLY. IF YOU PUT THOSE TWO ELEMENTS TOGETHER, YOU HAVE A HUGE ARRAY OF CUSTOMERS THAT ARE MOVING THEIR WORKLOADS TO THE CLOUD.
AS THAT HAPPENS, THEY NEED SOFTWARE THAT DELIVERS ANSWERS AND INTELLIGENT AUTOMATION FROM DATA THAT ENABLES THEM TO HAVE THE SITUATIONAL AWARENESS TO RUN THEIR SOFTWARE ENVIRONMENTS. ED: I'M CURIOUS ABOUT COMPETITION AND WHETHER YOU ARE WINNING SHARE OR DISPLACING EXISTING CLOUD PLATFORMS. WE HAD A GUEST ON THE OTHER DAY FROM SERVICE NOW. I KNOW THE SERVICE NOW IS MOVING INTO THIS OBSERVABILITY
SPACE. TELL US HOW YOU ARE FARING IN THAT REGARD. GUEST: WE ARE VERY SYNERGISTIC WITH THE SERVICE NOW DEPLOYMENTS. A GOOD NUMBER OF OUR CUSTOMERS WOULD HAVE SERVICE NOW DEPLOYED, THEY STILL NEED THE EXPERTISE WE PROVIDE THROUGH AI OPS FORM TO ENABLE THEIR SYSTEM TO WORK PERFECTLY. THAT'S WHAT WE TYPICALLY SEE. GENERALLY, THE BIGGEST COMPETITOR WE HAVE IS DO-IT-YOURSELF. THAT'S WHERE CUSTOMERS TODAY ARE USING HOMEGROWN TOOLS, OPEN-SOURCE, A VARIETY OF OTHER SOLUTIONS TO CREATE DASHBOARDS. A DASHBOARD TELLS YOU RED,
YELLOW, GREEN, IS YOUR SOFTWARE WORKING? WHAT IT DOESN'T TELL YOU IS WHERE THE PROBLEM IS AND HOW TO FIX IT. THAT'S WHAT WE CAN DO ON A VERY GRANULAR LEVEL. CAROLINE: LET'S TALK ABOUT DAVIS, THE AI POWER BEHIND DYNATRACE. YOU GO TO THE META EARNINGS STATEMENT AND THEY ARE TALKING ABOUT THEIR PROWESS IN AI. HOW ARE YOU MANAGING WITH TALENT MAKING SURE YOU HAVE THE RIGHT PEOPLE, THEY ARE SECURE NOT SUDDENLY BEING TEMPTED AWAY AT ENORMOUS EXPENSE TO OTHER COMPANIES? GUEST: WE DO A LOT OF OUR R&D OUT OF AUSTRIA. WHILE WE HAVE PEOPLE ALL OVER
THE GLOBE, THAT IS REALLY OUR HUB FOR R&D. IT IS A FABULOUS COMMUNITY OF DEVELOPERS THAT WE BUILT OVER COURSE OF WELL MORE THAN A DECADE TO CREATE THE AI OPS ENGINE. CAROLINE: TALK TO US A LITTLE BIT ABOUT, YOU ARE SPEAKING VERY MUCH TO YOUR INVESTOR BASE. THE CODES IN YOUR PRESS RELEASE, YOU ARE TALKING ABOUT INVESTING THOUGHTFULLY, MANAGING A BUSINESS PRUDENTLY, ACHING SURE YOU HAVE GROWTH AND PROFITABILITY. IS THAT STILL VERY MUCH WHAT YOU NEED AMID THESE MACRO HEADWINDS? YOU HAVE TO KEEP TALKING ABOUT THE BOTTOM LINE, THE PROFITABILITY AND MARGINS. GUEST: THIS IS AN ENVIRONMENT AS YOU REPORT ON PROBABLY DAILY THAT BOTH AT ALL COST IS DONE.
THE NEWS IS WE HAVE ALWAYS MANAGED DYNATRACE WITH A BALANCE OF TOPLINE AND AUTUMN LINE GROWTH. -- BOTTOM LINE GROWTH. WE SEE MID 20'S AND HIGH 20'S. CAROLINE: PUSH US FORWARD. GO INTO THE VISION YOU HAVE
RIGHT NOW BECAUSE YOU ARE STRATEGICALLY INVESTING. HOW DO YOU ENVISION THE NEXT FIVE OR 10 YEARS? GUEST: A FEW AREAS OF MAJOR INVESTMENT. ONE IS AUTOMATION. YOU CAN IMAGINE HOW COMPANIES ARE DOING I.T. TODAY. WITH AN ARMY OF PEOPLE SITTING BEHIND GLASS. TRYING TO FIGURE OUT IF IT'S WORKING OR NOT WORKING AND HOW TO FIX IT. AUTOMATION IS ONE OF THOSE
AREAS OF FOCUS. SECONDLY BIG DATA AND ANALYTICS AND DOING IT IN REAL TIME WITH NO REINDEXING, TO MAKE IT FAST, SCALER -- SCALABLE. SECOND -- THIRD IS AROUND INFORMATION SECURITY THE BENEFITS SUBSTANTIALLY FROM BEING INTEGRATED DEEPLY INTO YOUR OBSERVABILITY PLATFORM. THOSE THREE AREAS ARE KEEN FORECAST -- FOCUS. ED: I WANT TO ASK THE SAME QUESTION. I'M LOOKING AT HOW MUCH CASH YOU HAVE ON YOUR BALANCE SHEET. THE COMMENTARY THAT CAROLINE CITED FROM YOUR STATEMENT, ARE YOU GOING TO HIRE PEOPLE OR DO LAYOFFS AND ARE YOU GOING TO DO M&A IN 2023? GUEST: NOT PLANNING ON ANY LAYOFFS.
BASED ON THE MODEL WE HAVE, WE HAVE BEEN ABLE TO MODULATE HIRING TO MANAGE TO THAT MODEL. WE FEEL VERY GOOD ABOUT WHERE WE ARE AND WE ARE CONTINUING TO GROW HEADCOUNT ACCORDINGLY. IN TERMS OF OTHER AREAS ORGANIC INORGANIC, WE WILL CONTINUE TO EXPAND AS WE SEE FIT. IN M&A, WE CAN EXPAND IN THAT FASHION AS WELL. CAROLINE: I'M LOOKING AT THE
RECOMMENDATIONS, YOU HAVE 17 BUYS, 10 HOLDS, NOT A SINGLE SE LL. I KNOW YOU SAY YOU DON'T LOOK AT PRICE TARGET OR SHARE PRICE, BUT YOU ARE AT IT. HOW DO YOU CONVINCE THOSE OVERALL ANALYSTS YOU CAN GO HIGHER IN TERMS OF OVERALL PERFORMANCE AND MARKET CAP? CAROLINE: YOU'RE ABSOLUTELY RIGHT. GUEST: YOUR ABSOLUTE RIGHT. WHAT I CAN CONTROL IS THE PERFORMANCE OF THE COMPANY.
THIS IS WHERE WE HAD A VERY STRONG Q3 THAT WE JUST REPORTED ON TODAY. WE'RE LOOKING FORWARD TO CONTINUING TO CONVERT THAT PIPELINE INTO Q4. THE BALANCED WAY FROM TOP TO BOTTOM LINE MANAGEMENT THAT WE DISCUSSED EARLIER. CAROLINE: GREAT TO CATCH UP WITH YOU. IT'S BEEN A LONG DAY AS EARNINGS CAME OUT THIS MORNING. WE HAVE TO GET BACK TO META. MORE NARRATIVE COMING OUT FROM MARK ZUCKERBERG TALKING ABOUT CUTTING LAYERS OF MIDDLE-MANAGEMENT. WE'VE HEARD THAT BEFORE THEY
TALK ABOUT THE REDUCTION IN COST, INCREASE IN EFFICIENCY. WILL DIG INTO ALL OF THAT IN A MOMENT. THE CFO SAYING THIS IS JUST THE BEGINNING OVERALL IN TERMS OF FULLY SCRUTINIZING HIRING NEEDS. SHARES ARE UP 18%. THIS IS BLOOMBERG.
♪ >> IMPRESSION GROWTH WAS PRIMARILY DRIVEN BY THE ASIA-PACIFIC AND WORLD REGIONS. THE DECLINE IN PRICING IS PRIMARILY DRIVEN BY STRONG IMPRESSION GROWTH FROM LOWER MONETIZING SURFACES AND REGIONS, LOWER ADVERTISER DEMAND AND FOREIGN CURRENCY DEPRECIATION. WHILE OVERALL PRICING REMAINS UNDER PRESSURE FROM THESE FACTORS, WE HAVE CONTINUE TO MAKE IMPROVEMENTS TO OUR ADS TARGETING AND MEASUREMENT THAT WE BELIEVE ARE DRIVING MORE CONVERSIONS AND THAT ARE RETURNS FOR ADVERTISERS. CAROLINE: THAT WAS CFO OF META. MARK ZUCKERBERG REALLY TRYING TO HIT HOME ON THE POINT OF EFFICIENCY.
ON THE CALL HE'S TALKING ABOUT HOW THEY HAVE ENTERED A DIFFERENT DAYS OF THE COMPANY, THEY GREW SO QUICKLY FOR THE FIRST 18 YEARS, IT'S VERY HARD TO CRANK ON EFFICIENCY WHILE YOUR GROWING THAT QUICKLY. ALSO TALK ABOUT WHERE THEY ARE GROWING IN THE LONGER TERM. IT'S TOWARD A METAVERSE VISION. THEY GOT THEIR FIRST VICTORY. THE FTC, A FEDERAL JUDGE HAS DENIED THE FTC REQUEST TO BLOCK META'S PLAN TO BUY WITHIN UNLIMITED. LET'S GET TO OUR GUEST WHO JOINS US FROM WASHINGTON. EXTRAORDINARY THE FACT THAT GETTING PUSHBACK IN THIS WAY.
MANY THOUGHT THIS WAS HER TRYING TO GET AGGRESSIVE AND IT'S BEEN DENIED. GUEST: THAT WAS SURPRISING. THE FTC CAN STILL APPEAL. HAVE UNTIL PROBABLY NEXT WEEK TO DECIDE THAT. THE JUDGE GAVE THEM A ONE-WEEK EXTENSION ON BLOCKING THE DEAL UNTIL THEN AND HAS CALLED A HEARING NEXT TUESDAY. WE WILL HAVE MORE THAN ABOUT WHETHER THEY WILL KEEP BLOCKING TO PUSH THIS DEAL -- PUSHING TO BLOCK THIS DEAL. SHE CAME INTO HER ROLE SAYING THAT THE AGENCY NEEDS TO BE MORE AGGRESSIVE, BLOCK MORE MERGERS.
THEY FILED A LAWSUIT AGAINST THIS ONE AND THEY HAVE THE PENDING ONE AGAINST MICROSOFT ACTIVISION. IT WILL BE INTERESTING TO SEE IF THIS ONE HAS ANY IMPACT ON THAT ONE AS WELL. ED: TERRIFIC REPORTING. BLOOMBERG SOURCES TELLING US ABOUT THIS SEALED DECISION FROM THE SENATE IS A COURT. -- FROM THE SAN JOSE COURT.
THERE IS AN OPPORTUNITY TO APPEAL. WHAT ARE THE CHANCES THAT HAPPENS AND IT IS SUCCESSFUL? GUEST: THERE'S A COUPLE OF OPTIONS FOR THE FTC. ONE THING THEY COULD DO IS APPEAL TO THE NINTH CIRCUIT COURT OF APPEALS IN CALIFORNIA. THIS JUDGES RULING DIRECTLY. THE NINTH CIRCUIT WOULD RULE ON
WHETHER META COULD GO FORWARD WITH THIS DEAL OR IF IT REMAINS BLOCKED. THE OTHER OPTION IS THE FTC COULD LET META CLOSE THE DEAL THEN GO INTO ITS ADMINISTRATIVE COURT THAN THERE WOULD BE A LONGER TRIAL KRYST ON THE DEAL AND AT THE END OF THAT, -- LONGER TRIAL FOCUSED ON THE DEAL. THAT IS NOT TOO UNLIKE WHAT THEY ARE DOING NOW WITH THE INSTAGRAM AND WHATSAPP DEALS. HAVE A COUPLE OF OPTIONS. THE THIRD OPTION IS TO DROP THE LAWSUIT ALTOGETHER AND LET META MOVE FORWARD WITH CLOSING THE DEAL NEXT WEEK. CAROLINE: OVER TO YOU, FTC. GREAT REPORTING.
MANY HAD QUESTIONED THE OVERALL FOCUS OF THE NAMING CHANGE, THE FOCUS ON 2030 WHEN YOU GET PROFITABILITY FROM THESE INVESTMENTS IN REALITY LABS. NOW THAT INVESTORS ARE LIKING THIS FOCUS IN THE NEAR TERM ON EFFICIENCY. ED: THIS IS THE YEAR OF EFFICIENCY. THE 2023 SECURITY -- SLOGAN FOR META IS SECURED. HE'S BEING ASKED ABOUT GENERATIVE AI AND HE SAYS I'M EQUALLY AS EXCITED AS ANYONE ELSE, BUT NOT AT THE COST OF EFFICIENCY. CAROLINE:
THERE WERE SOME INVESTORS PUSHING HARD, THEY WANTED TO SEE A PULLBACK IN TERMS OF CAPITAL SPENDING. MAYBE WE WILL SEE MORE JOB CUTS. THIS TALK ABOUT MIDDLE-MANAGEMENT THAT STILL PERHAPS IS UNDER A LOT OF FOCUS IN TERMS OF EFFECTIVENESS. THIS LOOKS LIKE A FASCINATING
OVERALL CALL. I WONDER IF THE SHARE PRICE REACTION HOLDS INTO TOMORROW. ED: WE WILL HAVE TO WAIT AND SEE. CAROLINE: THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. TONS OF TECH EARNINGS THURSDAY. ED: A LOT TO WRAP UP ON OUR
PODCAST. CHECK IT OUT WHEREVER YOU GET YOUR PODCASTS.
2023-02-02 22:21
