♪ emily: i am emily chang and this is the "best of bloomberg technology." coming up, apple turning in a solid quarter. all painting a stop -- a strong and stable picture. and wall street applauded. we bring you the highlights. facebook makes headlines. becoming a matchmaker for billions of users. and tesla gets testy.

elon musk shocks analysts and investors after he refuses to answer questions about margins and cash burn. but first, to our lead and apples blockbuster second quarter numbers. cook says the smartphone market is not fat -- is not saturated. in the meantime, apple services business had a sensational quarter and the business is on course to double business by 2020. for investors, apple will prioritize buybacks over dividends. apple stock shot up on the news and we delved deeper into what it all means. tom giles joins us. take but thecture numbers is that it is really good. dramatically.e up same quarter over last year. overall, the numbers are good.

our people -- are you concerned that people are purchasing the cheaper priced phones? the phone withof tim cook and in general around the iphone x, he said it was the most popular iphone in the quarter every week. and the first time since then that this top iphone has been the best-selling. that is an incredible result. i do not have concerns about the price. i think it is priced for the value that it is. an incredible product. julie, do you have concerns about it dropping? for would not be concerned a number of reasons. smartphone adoption in mature markets is plateauing and these devices are very expensive. more like purchasing a pc so the upgrade cycles are slowing. it will be harder to convince

consumers to upgrade their phones every two years. it is in line with my expectations. the recent upgrade my phone is becoming more and more subtle. it is more about the camera and the screen and the nifty features. about theid ask him afc dropping. he said from last quarter to this quarter, they often take out the inventory. what is your topline takeaway that all of the fears smartphone demand is slowing and the result would not be that great. they have held up and in some cases they have beaten analyst estimates. >> there was a lot of pessimism coming into the quarter and their -- and it is hard to find a lot of fault with what they said. a buyback of $100 billion. people have been saying that it

is the size of a netflix. a lot of money to put in the hands of shareholders. the fundamental story at apple is that it has held up well despite a lot of pessimism and evidence in the market that the smartphone boom is ending. i do not think that the fundamental story changes but apple is doing very well in spite of it. they talk about grabbing share, strength in china, the world's largest smartphone market. a market where competitors have been taking share from them. it remains to be seen how things panned out with a competitors. we will know more in the coming weeks but for now, they have been holding up well. if there is suffering to be done as the smartphone boom slows, it is not happening for apple. also, you have to bear in mind that if you look at the rest of the year, apple realizes that people do want lower-priced devices. and so, as mark gurman has

reported coming you will see later in the year the introduction of a lower-priced device that has a lot of functionality that the currently high priced devices have. they recognize that they cannot let go of the market. they recognize that not everyone wants to spend $1000 on a smartphone. apples tim cook on the call right now. we are listening in. i want to talk about services which grow 30 some percent. obviously, powered in part by apple music. we talked a little bit about how he thinks the real competition is not spotify or any other music service but it is can -- convincing people to pay for a subscription service. they do have a million subscribers in china. julie, what do you think when you look at the services numbers and break them down? >> the services revenue is up

30%. look atforward, and we the notion that smart phone sales will plateau, apple has a for to their other products growth and to services. solid growth. see the peak in the near future and apple will have to look more to its services and subscriptions as well as things like apple pay for future growth. i would expect that number to get much bigger overtime if apple is to sustain its growth. emily: that was julie and tom giles. haveer and walt disney signed an agreement to create live contact and add opportunities across the disney portfolio. twitter will announce specific live shows. twitter shot up 6% in monday session. twitter produces tick-tock a global service. the political consulting firm at the heart of the facebook data

manipulation scandal is shutting down. cambridge analytic it said it filed application to begin insolvency proceedings in the u.k. -- as a majorous reason for ceasing operations. it says it is being vilified for activities that are legal in generally accepted as a standard component of online advertising. still ahead, after several false starts, t-mobile is purchasing sprint to take on verizon and at&t. some still fear that the deal will be blocked. t-mobile ceofrom jon leger. and this week we were live from the milk and global conference. 10 toak to ariana having talk about her mission to transform culture and her goals at uber. this is bloomberg. ♪

emily: shares of sprint tumbled more than 10% on concerns that antitrust regulators may reject t-mobile's desire to purchase the company. -- deal would reduce when it comes to building a next-generation network. downberg vonnie quinn sat with john ledger on monday to talk about the deal. take a listen. >> what we have got today is the start of doing two new things. talk about the deal and the value to shareholders and secondly, why now and how will that be a proved? those --how will it be approved? actuallyion -- it is -- what we will have starting from day one is $75 billion of topline revenue, 55 billion dollars in service revenue that will grow to present-4%

compounded annually. it will be up to margins of 55%. synergiesrt is the have a $6 billion run right and be cash flow by 2025 will $60 million-$18 billion. if you are a shareholder, this has huge value. people are asking why now and will it get approved? job starting day one. i am so confident of the plan that we have, i will be there right after we finish. i will be there quite a bit. three point. what is different now? 5g is an imperative. the nation's leadership is at stake. we have fallen behind china. t-mobile and sprint together is the only company that can change that. 5g is critical to the country and we will change that. we will supercharge the uncarrie

r. customers can look forward to a broader range of service, where broadband competition at lower prices. and last of the three, jobs will go up. that is why it is going to get approved. and when that happens, the shareholder benefits. >> a job positive merger. 18 months alone. benefits to the consumer particularly the rural consumer. off china and korea. 5g.hrew korea in there on five will that be enough? are oure statistics leadership as a country in 4g spurred so much innovation. in 2016, there was $3.3 trillion globally.

uber, snapchat came out of that. these companies grow because of it. now, what is going to be critically important is we are going to invest $40 billion in the first three years. we are going to create a mobile layer that will drive this leadership. we expect what we do well force at&t and verizon and others to invest significantly. what is happening right now -- this wave deployment -- do you know that if they wanted to do that nationwide including rural america, it would cost $1.5 trillion? that was the scam. emily: that was don ledger. now, to the milken global conference where we caught up with steve ballmer. we talked about his outlook on big tex.

he is optimistic about facebook earnings. >> if you look at last quarter's results, it would be hard to say that it is too late. there is still a lot of momentum in their business. i don't think it is too late. they are smart people. i spent a lot of time over the mark with both cheryl and and i think they will be very resilient. sold: he explained why he his roughly 4% stake in twitter. >> i sold my twitter stake. i am sure i own some in index funds but i did. excitedd that i am not about their profession to be an investor. a great thing to do but not for me. and the price was pretty good. emily: we also caught up with arrieta huffington. she has been touring the globe on a mission to transform culture. she talked about how much progress she has seen and where

she thinks companies need to do more. >> they have made tremendous progress because finally companies are recognizing that it is not about trumping business but about culture, accelerating business. culture is now seen more and more as absolutely essential for the success of a company. the company new system. if the culture is compromised, it will be much harder to deal with problems, to be able to see disruption, to see the icebergs before they hit the titanic. culture is no longer the exclusive province of hr. emily: a group of google toloyees have -- has started

warn companies to make changes. what would you like to see from apple, facebook, google? >> the first thing i would like to see is from the individual. i think there are three ways we can effect change that is absolutely needed in terms of our relationship with technology. the first one is what are the people doing? we are not powerless. we have agency. so thated a thrive box people will put their phone in a box while they are having dinner with her family. it would be a welcome removal of social media and games. we learn how much time we spent strolling. to make it less easy to be

addicted to our phones and to lose ourselves. emily: facebook for example has been in a storm of controversy. they are worried about an impact on children. are you worried about that and should facebook be doing something more to make itself less addictive which is potentially undermining it? >> we have the data. it is not a matter of opinion anymore. we have the data that use of social media is having an impact on people's mental health. teenagers especially. depression. anxiety. those are escalating. suicide. we see this as a global phenomenon. absolutely, companies have to do our lessake their addictive. and also it -- and also individuals have to do more. that is why we stress what individuals can do because otherwise, if we hold our

breaths, and wait for companies to do something, we will suffocate. i have to ask you for an update on uber. i know you have been very leader'sc about the tenure. when you look ahead to the year at hoover, what are three goals that you would like to see him meet? >> i love his priorities. a great initiative. to make safety of riders and of drivers a big priority for uber in the year ahead. the second priority that he has established is to make uber a true mobility company. buying the bike company. getting more engaged with public transportation. and the third is culture. the shift in cultural values. and the work that remains to be

done around exclusion and diversity. been theee have biggest priorities for the year i had. ahead.14 -- for the year allege theymen that have been a salted bite uber drivers have signed a letter. by uber drivers have signed a letter. >> next week, this will be discussed. the general counsel is going to give us all of the arguments that we need to consider. ahead, tells was circus of a conference call shakes confidence in elon musk. where the company goes from here? if you like bloomberg news, check us out on the radio, the bloomberg radio app and on bloomberg -- bloombergradio.com. this is bloomberg. ♪

♪ musk gotsla ceo elon

testy with analysts after the company reported earnings on wednesday. his responses to questions overshadowed the company result which beat expectations. what one analyst called a truly bizarre earnings call. >> where specifically will you be -- >> next. those questions are not cool. >> of the reservations that have been opened, can you let us know what percentage have actually been -- >> we are going to go to youtube. sorry. these questions are so dry, they are killing me. wasy: investors' response swift and shares plunged on thursday. is the tide of public opinion turning?

>> you know, it is a shame that the call went the way that it did. i thought the results were quite positive. they showed -- tesla showed quite a bit of progress on model three production. they showed quite a bit of fiscal discipline. we see coming in for the year. see capexre -- we coming in for the year. unfortunate the way the call went. i think if it were not for that, the shop -- the stock would've been up 5% instead of down 5%. emily: what do you think is going on here? >> he train wreck the opportunity. the shares were up after the earnings hit but as soon as he cut off the analysts, the shares dropped. wall street was taken aback by

his dismissiveness. the more he kept talking, the shares cap dropping. some: and some in -- and analysts pushed it back. here is an extended version of that one quote. >> i understand your frustrations and i am frustrated also about how myopic we are now. they also's say that great years are made out of quarters and great decades are made out of years. .veryone's short-term focus volatility has a way of shaking people up. inthing you can do to help the near term on that is helpful for the stock. that is it. >> i think if people are concerned about volatility, they should definitely not purchase our stock. i am not here to convince you to purchase shop -- emily: stock. still have a buy rating on the stock.

why? >> i think this issue is temporary. and over the next couple of days, we probably won't even be talking about it. we are optimistic about tesla. they are growing. a multibillion dollar company growing at an unprecedented rate. we see a path to positive cash that will valuation put the stock north of $400 over the next few months. only: i want to push back that a little bit. over the last several weeks, we have been talking about elon musk and his bad april. joe. minutes before this call, he was tweeting about his other company, spacex. you have any concerns about his state of mind? --do you have any concerns about his state of mind? any position to comment on his state of mind. what i do know is that the number one thing about this company is the production of the

model three vehicle. if you look at the third quarter, they produced 200 vehicles. in the fourth quarter they produced about 1500 vehicles. in the first quarter, they produced almost 10,000 vehicles. and in this quarter, we believe they will produce over 30,000 vehicles. the progress is tremendous. once they get around the summer months and we think they will be perucing around 5000 cars week and they will be profitable. once they get over the hump on production, and they turn a profit, i think the conversation will completely shift from free cash flow and the balance sheet to market opportunity. they arehis company -- competing in a market that is about 100 million units and they are a very small fraction of it today with a tremendous amount of growth. we are optimistic about the prospects of the company. we are a big believer in the

product. in the long run, i think elon musk will be very positive for shareholders. dana, are investors worried about this kind of behavior despite the numbers? >> yes. the shares started dropping once he started talking. that is phenomenal to me. i think people are concerned. he probably said things that every ceo would love to say on an earnings call but he broke the norm of convention. and you are a publicly traded you do not treat analysts in this way. he was parading them. -- berating them. hull andoombergs dana -- from instinet. we continue our coverage from the milken institute global conference. speaking to john thompson about joining light speed as a venture

partner. our -- we are livestreaming on bloomberg. check us out. this is bloomberg. ♪ mom, dad, can we talk?

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and see how you could save $400 or more a year. xfinity mobile. it's a new kind of network designed to save you money. click, call, or visit an xfinity store today. ♪ emily: welcome back to the "best of bloomberg technology." i am emily chang. back to our coverage from the milken conference in beverly hills this week. we spoke to john thompson. over microsoft. giant.rnize the tech thompson just announced he is joining light speed as a venture partner. we started there. lightspeed because they were investors in my last company and so i have known a number of the partners are the last 8-10

years. a tend to invest in areas that are very much of interest to me and it is all around enterprise and infrastructure related technology like security, storage. all of those things are things i have invested in either personally or when i was running symantec, we acquired businesses in that space. i can keep learning and help them along the way. emily: are you concerned about the increase of regulation? incidents the recent have appraised the issue of regulatory oversight and there may be some that will evolve but i would not let that distract me if i were the ceo of a tech company. it is about executing a plan you have in place. that looms onsue the horizon for us and that is all around privacy. how will we manage privacy in a different way in a world where everyone is connected and the

amount of digital content is really significant. something is likely to happen. i just don't know what or when. emily: what would you like to see companies do about privacy only -- privacy? shouldink a company respect that information about me or you meaning they do not sell it or share it. they do it in a way that is relevant to the needs of their business. many of them make money off of ads and they have to use that as a leverage point but at microsoft we do not do that nor do we believe in that. and i think more tech companies should think about what their policy should be around that issue. emily: they essentially rent your data. there is something fundamentally broken about that model. >> i will let zuckerberg explained that to you. let us talk about the cloud.

to years ago you said you wanted microsoft to move faster on the cloud. where have you seen progress and where would you like to see them move more quickly? >> part of the role of being the chairman of the board is to be patient. my comment of few years ago was about that statement of impatience. the company has made phenomenal progress. our commercial business is doing very well. we have a strong iot presidents and they are doing a lot more in that space. emily: you're still behind amazon in a big way. the first mover. it takes the second mover a while to catch up. our growth rate is stronger than amazon. bold should microsoft be in acquisition? that is a tough question. i think the company has an enormous amount of capital. they have the capacity to go out and acquire a lot of things.

most of the cash is back. the real question for microsoft is not about the availability to do -- the availability of cash to do acquisitions, but rather how it fits into the goals. steve felt strongly about being in the mobile business. deal,u look at the -- if we can do another linked in, i am all in. emily: other areas that you are interested in? to move to?you like strengthens the relationship between our cloud and a broad network of users. iot. industries that generally have not moved to the cloud. those are the places that represent big opportunities. what should microsoft be

doing to advance more quickly in the emerging world of ai? >> microsoft has a huge investment in aia and machine learning. if you look at the most recent restructuring of the company, we are allowed kerry shum to continue to run ai as a research opposition but we also integrated many of the functional components of ai into the operating teams driving the revenue day in and day out. what i think you will see is ai machine learning the coming an important part of every single platform that microsoft and every company in the industry has. it is the future. emily: do you see a negative side of ai? is it up to companies to be responsible in the same way that we need to be responsible about privacy and data? >> we could not have anticipated 25-30 years ago that pcs would

turn into what they have. just like we cannot anticipate what ai will do. what we do know is that the digitization of the world is moving on. we won't know in a few years just how impactful it will be. emily: that was microsoft chair john thompson. prepping aaid to be move that could be a new threat to payment services like paypal and card issuing banks. along thering to pass savings a get some credit card fees to other retailers if they use its online payment service. typically, merchants using amazon service pay about a 2.9% fee but a long-term commitment negotiateda lower price. still ahead, facebook says it is building its own matchmaking apple. but -- is ready for a fight. just a month after its direct listing, spotify had its worst

acline in its short life as public company. why investors were disappointed, next. this is bloomberg. ♪

emily: shares of snapped tumbled after reported earnings on tuesday. it fell short of forecast. off new usersrned and held back at growth. the company missed on two crucial metrics. debrae joined by williamson. >> it was definitely a challenging quarter for snap. no question. the big revelation or take away from he has been that not only are users upset at snapchat because of the redesign but now advertisers are concerned. that is a big issue. stand to havet

any concern among its advertisers. those people need to be strong and solid on snap for sure. emily: what is the solution here? what can snapchat do? >> there are a couple of positive things. one of the great things about snape has been and will continue to be the fact that it's active users are very engaged. keeping those users engaged is something that snapchat will have to make sure they continue to do in addition to adding new users. on the advertisers side, i feel they are doing smart things. they have transitioned to a more programmatic infrastructure which is making it easier to purchase ads on snapchat which is helping them in the long run. but the advertisers need to be reassured that this is a company dedicated to making improvements, keeping its users on board and keeping them happy

so it has some work to do. emily: the irony is not lost that you are at the facebook developers conference and facebook in many cases has copied some of snapchat to peters and imported them over to facebook and instagram. new zuckerberg announcing a dating service. let us take a listen to what he says about it. >> it will be a facebook app. totally optional. you can make a dating profile. i know many will have questions. we have designed this with privacy in mind. your friends will not see your profile. have peopley suggested to you that are not your friends. this: what do you make of new service in the context of all of the very big and important and critical issues facebook is dealing with right now including privacy, election meddling, fake news, and now a

dating service? >> you know what -- the way you phrased that was exactly my response. i think they did a great job of turning people's attention away from some of the -- from some of these issues. definitelycap was out of left field for many people myself included. it makes sense because facebook's goal is to connect people and make them interact more and dating is part of that. but i really do not know that this is something that anybody expected out of facebook. it was quite surprising to me. is it something they can materially add to the bottom line? people have said that facebook should've launched a dating app before. i think it will help the bottom line. dating apps and dating companies

have been very successful, matcht.com being what -- .com being one of them. the proof will be whether they can put the privacy safeguards around the dating service that they claim to. thanks like being able to keep people's information private from their friends. safe from people seeing or interacting with and that should not be able to do that. with all of the privacy concerns swirling around facebook right willi think the dating app be something people will really pay attention to. emily: thank you in san jose. its worstffered decline since becoming a public company slammed by investors who were not impressed with a 45% jump in subscriptions last quarter.

while the number matched spotify's projections come it was not the breakout growth shareholders had hoped for after is strong debut on the new york stock exchange last month. we spoke to caroline hyde for more. i don't know if there is necessarily disappointment but i think it had something to do with the way it went public. it went public in a direct listing. our existing shareholders can sell their sheryl -- their shares now on the open. as wasmany sold expected. it is up 12% from its open price. -- ielieve profit-taking believe profit-taking is going on. people are taking this to sell off. when i dipped into the numbers come everything is in line with company guidance and estimates. i am less scratching my head a little bit as to what folks are

disappointed with unless they are expecting astronomical growth in users. emily: will spotify have breakout growth of some kind in the future or is this the norm? plateau?th only if you look at premium subscribers come up 45%. they promised growth of about a third. is a company that will continue to deliver as it promised. my mind is boggled slightly. we got these numbers that were expert to -- expectations for q1 two weeks before q1 was over. what did they expect? you would think that potentially that would be market minute --

manipulation in some ways. they wanted more. many shareholders may be taking profit. i think there are heady expectations from endless going forward. you can see there are hardly any sales. 12 lies. a lot of hold. -- a lot of holds. many of these banks are saying -- buy into this stock because of its subscriber growth. it is just the beginning. that is what morgan stanley says. they have some 75 million premium users and in excess of one or 217 million users in general. -- 117 million users in general. shares fell down more

than 6.5%. theoke to tim cook before earnings call yesterday about spotify. as the other competitor. in the streaming race. it has turned into a two horse race globally. i asked him how her -- how worried he was. i see it differently than perhaps everyone else sees it. if you take all of the streaming services, and add up the subscribers, you get a relatively low number compared to the global population. i think we are in a great position to do that. a great way to spin. do you buy it? >> spotify is the market winner. a nice thing for tim cook to say. where i see a bit of traction with what spotify has been doing -- if you look at the last month, they minted a deal with

hulu. they are packaging their subscription as a combined premium offering. when you think about the generation that it makes sense for them to be targeting, smart phone users, folks used to cutting the cord and having a slew of every subscription services, that comment from tim cook make sense. makes sense. they are pushing video right now in the spotify app. emily: tim cook also talked up apple's exclusive content. particularre there global territories or regions that spotify expects to grow more in particular? caroline: china is where analysts are focusing.

one of the biggest investors is tencent. they could really grow their focus over there. a breakdown of premium users. the bulk, about 40% in europe. one third with you in the u.s. but then it is latin america and the rest of the world. i think you will see more emerging markets. we saw israel open in march as well as south africa. we will see an expansion territorially. emily: that was bloomberg's caroline hyde and alex barinka. still ahead, how xiaomi went from has been to the biggest ipo in years. this is bloomberg. ♪

filed this week xiaomi for an initial public offering in hong kong kicking off a process that could be valued at $10 million. it is the largest deal since alibaba and made ring in the

value of $100 million. is chinese smartphone maker growing at a blistering pace that will help it take on apple and samsung. we went live in hong kong on thursday where we were joined by stephen engle. an incredible success story when it was founded in 2010. i remember interviewing the cofounder. one of the first foreign journalists to get an inside look at this booming company. we had no idea it was going to become this large. they were a victim of their own success. one became a rockstar compared to steve jobs in china. he said he did not like to be compared to steve jobs but rather jeff bezos but anyway, they had an overaggressive expansion plan. one co-founder was hired away to google.

they expanded very fast. some cheaper combat -- some cheaper competitors came along. and they lost their way a little bit. the growth went down into the single digits. but they have really turned things around ahead of the ipo which could be listed in hong kong i june. he spread into india. number two in india. they went to upper end as well recapturing some of the blistering growth they saw in the early days. emily: how does this set up the hong kong market to challenge new york as ipo king or queen? >> that is right. because of course hong kong did not allow will class share structure which would allow the , despite having a minority shareholding, they would still maintain control. hong kong has changed those lost to capture what has been a hugely successful run of chinese technology companies coming to market. like alibaba in 2014 taking their $25 billion ipo to new

ma could keepack control with a dual class shares allowed in new york here in hong , they did not allow that. they do not want to have those violations or they solve those violations of corporate governance and transparency. they have changed the laws. controversial. the thought that beijing was exerting more control. this as annders saw opportunity to come here and maintain control of the company and others are lining up as well , the ridesharing company as are looking to possibly go ipo in hong kong. -- can thishis cut company convince carriers to sell their phones in the united states? what is the read on that? be a toughgoing to one as well because of course we

have been reading all of the stories about the blocking of other network equipment makers in the united states. themi is going to use proceeds of this ipo to look at international expansion. they have gone successfully into india as the number two vendor there. the u.s. would be a stated goal but it will be a tough nut to crack, obviously. emily: that was bloomberg stephen engle from hong kong. last year, alibaba's chairman promised that his chinese e-commerce giant would create one million u.s. jobs. we spoke to alibaba's vice chair to find out what a trade war would do to that pledge from the milken institute -- milken global conference institute. tit-for-tat trade tactics will cause a retaliation. china, they have ariffs ont

soybeans which will hurt american farmers. we arein a context where seeing a huge market in china. it is ironic that the was administration is doing this because there are a lot of consumers in china, 300 million. the president in china -- the chinese president in dollars last year said that china would import goods. because of the trade war, they put down the gauge because of retaliation. this is going to hurt everybody. it is going to close off a lot of opportunities for producers in the united states. emily: jack ma said they plan to create a million jobs in the u.s. but warned that it may not happen if a trade war moves ahead. are you pulling back on that -- will the jobs not be created if the president stays the course? >> jack has said that we will not create a million jobs but we

could possibly create 10 million jobs if the trade doors are open. but if there are trade wars, if there is opportunities for small businesses being shut off because of trade wars, the consequences could be quite severe. emily: so, the jobs would not be created. economist to work through those ramifications, but you would be creating fewer jobs. emily: that does it for this edition of "best of bloomberg technology." we will bring you all of the latest in tech threat the week. we will have a sit down conversation to cover everything from diversity in tech to facebook and more. check us out on technology weekdays. that is all for now. this is bloomberg. ♪ mr. elliot, what's your wifi password?

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♪ nejra: big bang in beijing, or a quiet revolution underway in china's financial sector? the future of trading, we talked to a proposed venue that wants to use artificial intelligence to match orders. and the work around. we hear about just how successful mifid ii has been in achieving its goals when it comes to transparency and what is next. welcome to "bloomberg markets: rules & returns." i am nejra cehic in london. "rules and returns" is a show where we delve into the regulatory ch