tv Bloomberg Technology Bloomberg April 26, 2018 11:00pm-12:00am EDT
11:00 pm
alisa: i am alisa parenti. here is a check of your first word news. bill cosby has been found guilty of sexual assault. the 80-year-old comedian was convicted of three counts of aggravated indecent assault. this comes less than a year after another jury deadlocked on the charges. he could get 10 years in prison on each count. he has been ordered to stay in pennsylvania. mike pompeo has been sworn in as secretary of state. the outgoing cia director heard from 57 senators yes, 42 voted no. it is one of the slimmest margin in history. pompeo left for a trip to brussels and the middle east after he was sworn in.
11:01 pm
a defiant scott pruitt faced off against a house committee today for the ethics and spending scandals that force a bipartisan call for his removal as epa chief. this hearing comes after support rose and fell among republicans. the u.s. pushing to have a tentative nafta deal in place as u.s. officials from the u.s. go to canada for what is expected to be contentious trade talks. people familiar with the talks say they want exemptions from steel and aluminum. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am alisa parenti. this is bloomberg. ♪
11:02 pm
emily: i am emily chang, and this is bloomberg technology. coming up, amazon declares we will crunch first quarter numbers. the e-commerce king closes out earnings season for the biggest tech companies. the other big tech report cards, intact from intel and microsoft. and calls for mark zuckerberg echo after u.k. officials slam testimony from facebook cbo. what british lawmakers are fed -- why british lawmakers are fed up with with the social network. but first to our lead, amazon shares are soaring as recording first quarter results, a profit that topped analyst estimates. this is swelling ranks of time subscribers and a profitable cloud computing division winning more and more corporate customers. here to break down all the numbers, the chief research officer at idc and also the senior executive editor brent -- brad stone.
11:03 pm
so to give you a good idea, jeff bezos has risen $12 billion just today. one of the highlights? brad: i have the same feeling i had tuesday with facebook which was what was all the noise about? the talk about amazon captured by president trump's tweets, the post office, and none of it matters. the beats on all dimensions. amazon is growing quickly. they added 60% increase in hiring year-over-year and $1.6 billion net profit, unheard-of. very profitable parts of the business like aws and the other category, advertising, increasing. the north american retail business is also going up probably because of the 100 million prime members which jeff bezos emphasized the other week. shipping cost did rise 38%.
11:04 pm
lots of noise about the u.s. postal service and whether they might raise prices as a result of some of the things president trump has been dumping on. when you take a look at these numbers, do you see any red flags, any weakness? >> it is kind of the opposite right now. as brad was saying, you're seeing this massive multiplied scale that the company is experiencing now. you will see shipping costs rise because that is related to the top line and the consumer parts of the side where they do business. to me in this quote in the press release where he talks about a significant lead aws has, how they had little competition for the last seven years, what they are doing is adding services to aws, and that translates into not only revenue but significant profits because it is a subscription business on a subscription is this.
11:05 pm
-- business. we are seeing that multiplied scale in a huge increase come 40% increase for aws. emily: microsoft also reporting today. their sales are strong also in part due to the cloud business spread, aws far in the lead. are companies like microsoft and google a threat? crawford: i think the pie is expanding. 48% of aws is accelerating. it was in the 44% last quarter. so this is a wind that is propelling all these companies forward. the companies that are suffering are the ones that aren't as early in the cloud. emily: what about other businesses like grocery delivery and whole foods, like alexa and amazon echo? these are small businesses now, but how big could they become? crawford: quite large.
11:06 pm
we will see significant growth in alexa because -- and that will be high double-digit growth for a long time because they are trying to build out that platform for the foreseeable future. they have a significant lead over google and a very significant lead over microsoft and apple in that platform. what they want to do is start connecting these services together. you will see a huge push toward combining the power of aws to alexa, platform to platform to be able to connect and control more devices in your life. whole foods on the other hand is a fascinating acquisition because we are seeing the benefit of that now in terms of a year later, but i think we have just begun to see them be able to unlock the power in terms of how you can combine aws to the alexa platform to whole foods experience. that part is just getting started.
11:07 pm
emily: if you are an amazon investor, what are the risk factors? brad: you would be happy today. regulation has to be one of them. jeff bezos said earlier this week in germany, this is a conversation that needs to happen around all big tech companies. on the media call with amazon's cfo, somebody asked him about that. he declined to answer it, but you got to think at some point particularly under president trump and everything that is happening in europe that amazon is forced to answer for some of the ways it sells advertising, some of the ways alexa advertises for amazon's white labeled products', amazons relationships with its suppliers. that is the big question. emily: let's talk about advertising, the other revenue category that doubled to $2 billion. that is in part because of amazon's advertising business which some analysts are excited about, thinking it would at some point surpassed facebook and
11:08 pm
rival google. what do you think? crawford: i think you don't want to get too far ahead on your expectations. i think that people are probably really excited now because they have not known what to make of this business and how fast to model it going forward. clearly, the statement today is that this business is a real business, and is accelerating, and it can accelerate based on the platforms amazon is building. i would respond to one other question you brought up, which is the headwinds going forward. i would put in the category of expectation. the expectations are going to be massive going forward, notwithstanding their guidance. trees don't go to the moon. this is amazon's moment now, but managing how fast these businesses can grow and what their expectations are, that will be an increasingly large challenge going forward. emily: we have not talked about prime video, but on the side
11:09 pm
lines of this earnings call, they have announced the nfl is renewing its agreement with amazon prime video. brad: this is a cost center. this is a part of the business that doesn't visibly bring in revenue. they say there is a connection to prime membership and retention, but they are concerned about netflix, which has its own runaway growth streak and they are investing in new shows. multimillion to do that lord of the rings series. they are renewing some of the more high-profile shows. emily: this is a part of amazon that has been in turmoil. they have lost the head of -- [speaking simultaneously] brad: i would argue they have not figured it out, not like netflix during it continues to be a work in progress, and is remarkable this is a company
11:10 pm
that shows $1.6 billion in net income despite the fact they are spending like a drunk sailor. emily: i want to talk about another company, intel, getting better than projected second-quarter sales protests. the computer industry cannot quit its products. the sales will be $16.3 billion, and the data center group grew 24% in the first quarter under the ceo. they are touting their efforts beyond pc's, processors and a business that will provide the company with income. you have taken a look at the numbers. crawford: we were all paralyzed with specter and meltdown last quarter and everyone was concerned this hack would be exploited and intel would have trouble associated with this. what we are seeing is a rebound at intel in terms of their ability to grow profits and expand ups in this business. that 49% growth we were talking about at aws in the cloud, those are retail chips, and that is where you are seeing the 25%
11:11 pm
growth in their data center business. extremely popular business, intel is pivoting the company in that direction. and the left for dead category which was pc's that everyone thought would shrink to nothing actually that category grew 3%. they are seeing competition from people like amd who were up significantly in the quarter, but really that is -- intel did a great job with commercial notebooks and defended and asked and it even the pc space. it was solid. emily: there are companies like apple and facebook making their own chips which is a threat to intel. brad: we have heard that, that apple and facebook and microsoft -- microsoft and amazon want to make their own chips, but that has not dented intel's data server business. they are spending so heavily in their own data centers that it now propelling intel. emily: our senior executive editor for bloomberg technology, thank you, and crawford, chief research officer at idc.
11:12 pm
always great to have you both. coming up, tech's latest revolving door, hired jim keller to oversee chip design at intel. he previously led teslas everett -- tesla's effort to develop their partially autonomous driving system. intel said he will lead silicon engineering as the senior vice president. the 59-year-old had two stints at imd and was a part of apple's push to design chips. we continue coverage and reaction to earnings. microsoft beat forecasts on the top and bottom line things to cloud services. if you like bloomberg news, check us out on the radio or listen on the bloomberg radio app, sirius xm this is bloomberg. ♪
11:15 pm
emily: microsoft reporting third-quarter results sales coming in $26.82 billion, revenue from the cloud-based $7.9 billion. but shares of the company are flat after-hours. this is the principal analyst at forrester research, and i will start with you. why are microsoft shares flat, certainly a different tale from what we are seeing from amazon as we were speaking about moments ago? jp: microsoft beat all the expectations, so they executed the way they were supposed to. it could be something related to amazon. although revenue grew, aws group much larger. there are strategic concerns
11:16 pm
about how quickly microsoft can catch up but overall this is a really good quarter. emily: do you see those strategic concerns at play here? crawford: i think he is onto something. when you look at the massive base and share aws has, 93% runs great in terms of the number, but look at where they are coming from, the expectation is they will have to stay at that level, which they had been at locals -- levels close to that for quite some time, or accelerate in order for them to gain on aws. this is in north america a three horse race between amazon, microsoft, and google. they are all relevant, but it comes down to the expectation around how much ground can microsoft gain relative to what aws has put out.
11:17 pm
emily: how much do you think microsoft can gain? do you think microsoft can be a close number two contenders year -- here at some point? jp: perhaps. have a lot of work to do. the reality is there a lot of green space here were the market, markets have been untapped, so it is not always highly competitive. they are not necessarily trying to displace aws. they are trying to gain new organizations in their portfolio faster. the other factor is ai. both amazon and microsoft are offering an increasing number of ai skills that sit on top of the cloud platforms and allow people to build smarter applications. this is central to this vision for microsoft, intelligent cloud and intelligent edge. so far he seems to be executing nicely. emily: beyond the cloud, what do you see, what are the
11:18 pm
highlights? this is a company that has made a huge transformation, given that not so long ago, another business was its main bread and butter. crawford: a lot of highlights. microsoft calls this productivity space. to see office 365 putting out numbers close to 30%, 28% depending on the segment, congratulations to microsoft. they have pivoted the company from being in the productivity software business to being in the productivity software as a service business. they are doing a great job of moving customers to that model and building a subscription business for the long term or -- long-term. and i would argue that is arguably the second most important jewel in the microsoft crown right here is that productivity segment. the service revenue at 30%, we talked about intel, you are talking about a pc market, intel in the aggregate grew that
11:19 pm
business 3%, surface was up 3%. -- 30%. it is a hot product and continues to be, they build the portfolio. then over and above that, this more personal computing segment up 13%, that will include windows, it will include xbox, it also includes the surface of her i give you. -- surface number i gave you. that was a big surprise. that was a stagnant category for microsoft, so clearly they saw some nice moves. i suspect some of their windows numbers were up based on the commercial notebook number that you saw, the commercial mobility number you saw. that is probably driving the windows number as well. emily: there is a bigger story about how windows has adapted as it business important has declined. the company still makes money from windows, but not as much. it is still core to this productivity fleet.
11:20 pm
jp: the rumors of windows' demise are greatly exaggerated. it is over $700 million, -- 700 million users, organizations adopting it, particularly for security reasons, for productivity reasons. so in the future, windows will continue to be important, but it will be subsumed under this experience category, experiences and devices along with portions of office. that makes sense. it is about empowering people to be productive. this is something that is very much within microsoft's wheelhouse. it is important to double down on that surface number, although there was lifecycle work. surface has been a powerful asset for reinvigorating and inspiring other pc makers how to move forward. emily: jp gallagher and crawford del pratt of idc, thank you.
11:21 pm
11:23 pm
emily: snap is introducing a new version of its spectacle. this latest take will be able to take photos, not just video and report high-quality sound. it will be smarter about predicting demand after losing nearly $40 million on the venture. the company will only sell the glasses online. even though ai has grown by leaps and bounds over the last decade, outside predictions about it destroying humanity or powering utopia have not come to pass at least not yet. bloomberg quick take explains what ai does for us now and why people like elon musk are so wary. >> we have seen terminator two, the year 1997, artificial intelligence trying to destroy humanity. that has not come true, at least
11:24 pm
not yet, but ai is very much here. in the past decade artificial intelligence found real-world applications in everything from hedge funds to beer brewing and far from destroying community or solving all of its problems, expert question how much further it can go. artificial intelligence is software that solves problems and examines a problem, ventures a guess, and learns what happens. >> you can think of it like a giant excel spreadsheet. you are running statistics to try and find the best guess. reporter: that is ashlee vance. >> this is an apple that is running all the calculations. it thinks it is an apple and has qualities to reminded of an apple. reporter: the companies making the most use are companies like facebook, google, microsoft and amazon. >> it is basic stuff like recognizing your face in a photo. it is translating a menu on your google phone.
11:25 pm
it is using computer vision in a self driving car to see what other cars are doing and where the obstacles are. reporter: some of the first attempts in the 1950's with the arrival of neural networks, which is software that can process data with pattern recognition techniques that take place in our brains, but it was not until the last decade that ai started to take off. >> the internet supplied the kind of data these neural nets needed for sustenance, huge volumes of images and text, and that is what allowed these ai algorithms to take off. reporter: today systems can beat humans at playing go or trading stocks. they can help identify tumors, but the technology remains limited. today's ai needs humans to occasionally tell it yes, you are doing the right thing, or no, that is not right. >> the end goal is something called an agi, and artificial general intelligence, which would be ai that does not need a
11:26 pm
human to hold its hand and tell it what to do. reporter: there is a lot of debate when or if we will see that. even the possibility has made skeptics of people at elon musk and bill gates who warned ai i -- you might end up automating so many tasks that millions of humans could end up without jobs or the two other unforeseen -- or lead to other unforeseen calamities. >> with artificial intelligence we are summoning the demons. emily: amazon out with first quarter results, shares jumping over 6% in late trading with companies pointing to the new record. we will bring you the latest, next. bloomberg tech's live streaming on twitter. check us out at 5:00 in new york, 2:00 in san francisco. this is bloomberg. ♪
11:29 pm
yvonne: a dramatic new policy statement that removes all reference to raising 2% inflation around 2019. they repeated language from january that say quotes are more or less unchanged. the economylso says is expected to continue expanding to 2020. korea. being written in resident moon and kim jong-un
11:30 pm
exchanged handshakes at the demarcation line can becoming the first leader of his country to step foot in the south. a symbolic gesture of cooperation. the meeting may pave the way to a summit with private -- president trump. >> there are lots of people hoping for the best result. i am worried we might disappoint them. yvonne: global news 24 hours a tictoc on and at twitter powered by 2700 journalists and analysts in 120 countries. sophie: stocks falling, despite recording earnings.
11:31 pm
we also have that slow down in profits. deceleration happening as inflation wanes. biggest loss the in 17 months. we have this slew of earnings from the u.s. and across the region. slumping on its forecast. we do have the end easing some. easing some. .e do have a mixed bag most bonds in the region valuing a treasure yield. .e do have indonesian bonds malaysian bonds are valuing. -- help the
11:32 pm
aluminum is keeping traders on edge. that is just a quick look at what is going on. that is the check. ♪ emily: welcome back to bloomberg technology. i'm emily chang. first some breaking news, reuters reporting that sprint and t-mobile are aiming to clinch a merger by next week. shares of sprint and t-mobile spiking. these two companies have been trying to merge for quite some time. it has never happened for one reason or another, so we will continue to follow that story. according to reuters, t-mobile and sprint aiming to clinch a merger by next week. back to our top story, amazon reporting blockbuster results, shares jumping 6% in late trading. jeff bezos has highlighted the
11:33 pm
company's gains in aws which increased 48.6% year-over-year. there was $51 billion in revenue representing 43% year-over-year. we have bloomberg tech's reporter listening to the call. garrett, any additional nuggets here? we know that prime subscribers have soared. we know aws has soared. what new analysis do you have? garrett: the big number of people are responding to his -- is shares increase for next quarter. analysts were expecting on average 52, and the range was at 154, so that pushes beyond what people were expecting in terms of next quarter. this quarter was great, next will be even better. they doubled the advertising revenues.
11:34 pm
this is a new business for amazon in the context of the company's history. online advertising, which google and facebook are dominating, amazon is the third player, dark horse in that space. it will be interesting to keep watching. emily: let's talk about aws because it is continuing to grow very fast from an already big base. how much bigger can it get? gerrit: this is the infrastructure of the internet, the future of business. aws is what any company can use to host their services online, store all their information, data. as more and more go online small to big, this category will grow. aws has a head start. that is the way they categorize it. microsoft and google, other players, ibm, they are racing to jump into this market. it is a growing pie, but the competition is fierce. emily: looking at the top live blog, the bloomberg gadfly, the highest operating margin since 2016 but still laughably small
11:35 pm
compared with the company like facebook. why does amazon get more leeway from wall street? >> this is amazon. -- gerrit: this is amazon. they are growth machine. facebook get a lot of leeway. they had a tough couple of months. they just sort of reported some good numbers and have positive commentary in their shares as well. so the tech companies, the message overall this week is investors are happy with results and can put the last couple months behind them. emily: all right, thank you. in the wake of the facebook cambridge analytica scandal, lawmakers around the globe demanded answers from the social network, especially from mark zuckerberg. while he did attend hearings in washington, he said his chief -- sent his chief technology officer to speak with british lawmakers thursday. take a listen to this exchange
11:36 pm
between conservative u.k. lawmaker julia night and him. >> facebook is a moral free zone, destructive to moral rights. you are wrong by the likes of cambridge analytica, but you are the problem. your company is the problem. what do you say to that? >> i respectfully disagree with that assessment. >> so you see yourself as -- this catalog of behavior. >> i think what you want from an organization is transparency and responsibility. you want us to say when we are responsible for things which we have in multiple cases. >> [indiscernible] by inquiries such as this. >> you want transparency on things like ads. the core, this is not where i spend my day job. we try to build a service that
11:37 pm
helps billions of people around the world connect with each other every single day. emily: for more i want to bring in caroline hyde from london. tough talk from the u.k. lawmakers, pushback from facebook's cto. was that the tone of the entire day? caroline: it was tense. it was a tense discussion that lasted more than four hours. and it seems as though in europe there is tougher regulation and tougher questions coming from the politicians as well. notably there were things like calling them a giant vampire squid. there was that turn of phrase level that goldman sachs. we have facebook being associated with cigarette in its addiction, but we did hear some committee feedback that was positive. the committee liked some of the things that he was telling them, notably they like the fact they would commit to being transparent in the elections and
11:38 pm
electoral advertising. they will ensure the political ads for that 2019 elections. listen to this. >> we will mark all of the political ads prior to the 2019 elections here in the u.k. we will provide a searchable archive of those ads and provide who paid for them and provide more transparency for people who won't understand this. i understand the concerns about giving people control over political advertising. it is an important issue. caroline: this is important because they have had a 14 month investigation. this is key. emily: so still potentially calls for mark zuckerberg himself to come to the u.k. do you think that could come to pass? caroline: this is really something, where the pushback
11:39 pm
came. they are not happy. probably never going to be happy with the fact mark zuckerberg did not come to see them. what really antagonized the politicians is it seems mark zuckerberg during this committee hearing was actually saying he might be going to the european parliament to answer questions. this is inflaming the aggravation that is among the u.k. politicians. why don't they get their turn to really? zuckerberg? they say that mark zuckerberg's right-hand man, who we were assured could represent his views was today failed to answer many specific detailed questions about facebook's business practices. this was fired back by damien collins, the lead of the digital culture media and sports committee, saying that he was unable to answer 40 questions or so. one of them, whether they know about the cambridge analytica data breach in february.
11:40 pm
they felt perhaps they were angered they could not get an answer to the question of whether they can block all sorts of categories of ads. they did not get a good answer on what is going to be put in place by facebook to ensure there is ahead of this news regulation may the 25th. also there have been reports facebook has moved 1.5 billion accounts of facebook users not in the u.s., canada or the eu and moving them to the u.s., california, ahead of gdp strict regulation. there have been rumors why they are doing this, facebook saying people outside the e.u. will get the same privacy settings as inside the e.u., don't worry about this, but many wondering whether they are trying to avoid this regulation by doing that. there are key questions they felt weren't answered, therefore when they come to the u.k., we
11:41 pm
believe, says the head of the committee, given a large number of questions facebook needs to answer, mark zuckerberg should still appear in front of the committee. they could use a little rarely deployed legal step. this would be a formal summons. we will see if he gets it. emily: and more rolling out later this year, talk about that rollout and if there could be additional legislation as a result of the more recent concerns around facebook. caroline: i think at the moment this would come to ease concerns in the e.u. the general protection data rules they feel would not allow any such occurrence to happen again. if this had been in place in 2015, there is no way facebook could not have told users that potentially there had been a data breach and it had been passed on to cambridge analytica, and therefore even
11:42 pm
used in an untoward way in elections. the e.u. think they to be more built on these rules when they come into effect may 25, but i think they want an era of transparency to be at the behest of all of these big tech giants. this comes at a time when we see the e.u. notably germany in particular passing stricter and stricter regulations when it comes to taking down fake news, taking down terrorist related content, fines in germany. there could be more regulation to come. when it comes to data, they think these rules will prove, we'll stop anything like this repeating again. emily: all right, caroline hyde, thank you. baidu shares are jumping, and is trading on a solid first-quarter with sales surpassing analysts' estimates and an update to outlook ahead. baidu is china's largest -- most popular search engine.
11:43 pm
11:46 pm
emily: sequoia capital has raised $6 billion towards the biggest capital venture fund. top venture funds have exploded recently to compete with the softbank vision fund and the $100 billion target. softbank has written massive checks to the start up like uber and india's foot card. paypal beat estimates and gave
11:47 pm
in optimistic -- an optimistic forecast for the second. they continue to add new accounts, but what about rising competition and online payments? paypal ceo john remy discussed that earlier with vonnie quinn and mark barton. >> we have seen a lot of interests in the high-growth business we are in, and with moving -- money moving to digital payments, there is a lot of companies that want to participate. we will continue doing what we have done, and if you look at our history since we separated from ebay, and a fast growing -- in a fast-growing e-commerce market, we have expanded market share. we do that by having a powerful two-sided network, or we have over 200 million consumers on one side and 20 million merchants on the other side. there is a network effect to that. one of the things that stands out at paypal is the simplicity and ease of use for consumers. one of the things we measure is conversion rates. we have 89% conversion rate which is higher than some of the other competitors which is how we are able to expand that market share.
11:48 pm
mark: your peer-to-peer payment system has continued to see strong growth. when is it going to make money? john: so that is an important part of our business, and it is one of the most that's one of -- the fastest growing parts of our business. it is reflective of the change in consumer sentiment around digital payments and more people are using mobile devices to exchange currency with their friends and network. for us, we are one of the biggest part. then mel has a viral -- something that has a sort of viral effect that when it takes hold. one of the things we have done with this it is entirely p2p very we allow venlo customers to shop across the world and that is how we monetize that. we are early on but very excited about this opportunity.
11:49 pm
mark: on the bloomberg we can check, either way you get your revenue from here -- 11% of your revenues come from here. you have announced this barclays attachment today, teaming up with barclays, the payment small business services. how easy is it? what is the payment environment like to attract new partnerships? john: i start with the point that you mentioned that we are a very international company. half of our revenue and more than half of our customers are outside the united states. the u.k. is an important market for us. the partnership with barclays is an extension of other agreements that we have embarked on where we have pivoted about two years ago to have a partnership strategy being open. with barclays we can now allow their customers to vault a debit or credit card into a wallet with more ease.
11:50 pm
we are excited about the prospects of this going forward. >> i am curious to potential m&a targets. john: in terms of m&a landscape, this is a key pillar of our allocation strategy, a primary importance in first us is growth. we are a high-growth company and we focus on growth that can be organic or inorganic. we have had a history of a very successful acquisition. we want to continue down that path, but as you can appreciate, m&a activity doesn't necessarily happen in a linear form. it comes in waves sometimes. we are always canvassing the landscaper the opportunities out there that complement our existing platform with these other financial services or allow us to expand our presence in certain areas of the globe where we are not as strong. emily: that was paypal cfo john ramy. more on amazon's first quarter ratings. just spoke about the price of
11:51 pm
11:53 pm
emily: continuing to cover tech earnings, amazon and microsoft after the bell. amazon having a blockbuster first quarter and tech earnings do not end yet. we are awaiting apple this coming tuesday. joining in now, our executive editor. tom, start with amazon and the big picture, the call happening now. we did hear the price of prime is going up. tom: prime is going up to $20 -- $20 a year. amazon knows they have us over a barrel. they know we will pay it. a lot of people spend a lot of time talking about prime and the benefits of prime, the impact on whole foods and the relationship
11:54 pm
between the benefits you get if you are a prime subscriber and go to whole foods. a lot of discussion on that on the call. amazon very confident in its prospects. this is a big contrast from earlier this year when we saw this bearishness flooding into the tech sector, particularly around amazon. there was a question of trump and his tweets and what would happen with the post office. and that is like a distant memory at this point, at least for the moment. you see we are looking at a record high for amazon stock going into tomorrow. emily: jeff bezos made just 20 -- $12 million today. a few days ago we had analysts calling it a tech bubble having burst. 5% were. worth. then over the last few days many of these companies have made it all back. tom: there has been a lot of interesting stuff.
11:55 pm
you see this separation from this group of stocks that we used to refer to as the fang stocks. i never did, but the bank stocks. you started to see the exceptions of that, the netflix of the world going up and up. microsoft actually was very resilient through all of this. you saw couple other stocks in the other direction. you saw apple going south a bit, facebook, tons of pressure. let's talk about apple. apple is not out of the woods. as much as we have gotten great news from the tech sector this week, apple, we will hear from next week. so a lot of questions about whether the iphone was the right strategy. we will talk about them in the coming days, but these other tech companies, facebook in particular proving naysayers wrong. we are still growing. emily: microsoft shares up slightly, to present. -- 2%. their cloud business is growing but not as fast as amazon and not included in the fang.
11:56 pm
very wall street term. tom: what is interesting about microsoft is they have been super resilient in the last several months and weeks. very close to record. and after results came out, did not get the ball you saw -- bump you saw in intel and amazon, but they have been resilient. that stock has been up close to record, and as you said, right now they might be a little bit in the red. emily: all right, our executive editor, thank you so much. wrapping it all up. that does it for this edition of bloomberg technology. we will continue coverage of tech earnings this friday. tune in for exclusive interviews with the expedient ceo. this is bloomberg. ♪
12:00 am
announcer: right now it is all new, a paid presentation for meaningful beauty by cindy crawford. announcer: with special appearances from some of your tv favorites sharing their skin saving secrets. announcer: plus, a stunning before and after story from today's special guest. announcer: at age 52, the star says her skin seems to be looking younger thanks to friend and supermodel cindy crawford.
56 Views
IN COLLECTIONS
Bloomberg TV Television Archive Television Archive News Search ServiceUploaded by TV Archive on