emily: i'm emily chang in san francisco. this is bloomberg technology. apple reports earnings that beat expectations and gives an upbeat forecast for the current quarter. all the highlights from the results in the call. detects political interference on its platform ahead of the u.s. midterm elections. what is the social network doing to secure? tech is gearing up for the earnings results wednesday.

can elon musk win over skeptics on production issues and his leadership? to our top story, apple shares spiked after recording third-quarter results. they beat analyst estimates on billionraking in $53.2 and forecasted strong guidance for the current quarter. the iphone itself sold fewer units than expected, but the average selling price of each iphone was strong. the company also reported services revenue by the app store and apple music and products like your pods in the apple watch continue to make good progress. analyst and aior with us.rrespondent let's start with dan. the iphone number is below estimates and it means apple only sold about a percent more iphones this quarter than a year ago. we know people are always holding out for the phones that expected to come next quarter.

is a disappointing? dan: if we look at the actual data, the fact that the asp for healthy and were in a seasonably weaker time suggests the overall business remains quite solid. we have new products likely to come out in the beginning and mid-september. for iphone, the numbers were just fine. the services results, as we see them and other exit suggest pod, watches,air are doing well, suggests the platform is broadening out and you have multiple growth drivers. we think that makes this an interesting story over the next couple of years. emily: everything else looked good except for the mac number which we will get to. overall, it seems the market is responding well. there were concerns of any sign of weakness would lead to a downward spiral. we're not seeing that. romaine: the stock is up about 3% after hours and a lot of that as dan alluded to is what you saw in services and accessories.

i don't think most of the market was really looking for much out of iphone unit sales. the expectation is generally that as we get into the next seeter, hopefully we shall movement there. in the interim, they are producing a lot of cash, a lot of profits, and investors seem to become double. emily: does the mac number were you, dan? this is a company certainly hard to rejuvenate the mac line. this is the lowest quarter from x sales since 2010. dan: the number itself does not worry is particularly because you have product cycles. on unit numbers, depending having products launched, could be impacted on the quarter or a series of quarters. as the company transitions its users to new platforms, certainly the iphone is notable. it is newer areas which give us

, when we think about how apple is to evolve, there are other platforms that will help contribute to the growth. that is ultimately what will create significant value, certainly for its customers and for shareholders as well. emily: let's take a look at international growth. one company we have been concerned about growth in china over the last couple of years, but based on 19% year-over-year growth in china, even in the midst of all of these trade tensions remain. is still performing well. this is a stock and company that is not really generating the excitement you see in a lot of the other tech spaces. when you look at amazon and alphabet and other names, you're constantly hearing about new products and services. that gets investors excited. what we are seeing with apple is a company that continues to grow at a steady pace, is not

parabolic or dynamic, but a steady enough to attract a lot of attention from folks like warren buffett and of the other value names out there who are looking for a stock that can be resilient in the face of trade tensions, in the face of an economic slowdown. at least for now, apple seems to be solid. emily: tim cook has not said so allout trade tensions analysts are listening for clues and listening to hear him make any indication about what is going on and whether this will impact apple, especially if president trump delivers on his promise to put tariffs on as $500 billion worth of goods. dan, are you concerned with the political issues surrounding us right now and whether that could hurt apple? dan: some people we're watching very closely. as we know tim cook and the company are reaching out to both sides as they have for many years, we expect that to be

certainly part of what they will do. what is important to note here is that the company has created and apple hasa, talked about investing hundreds of billions of dollars over the next several years. they are also creating jobs in china. and, frankly, all over the world. apple is a good corporate citizen helping to invest, build, innovate, and stepping back, if we think about the app the ecosystem, they have paid out $100 billion to developers over the last decade which is globally. the fact that the company is able to build a platform upon which others are empowered to create, innovate, to build businesses, we think that should resonate hopefully with both the government officials in china and the u.s. in that apple could be part of a solution overtime here. tim cook says the company

is still on track to meet the goal or doubling services revenue by 2020. also talking about the iphone saying the iphone x was the most popular phone in the quarter. that seems to be clear based on the high average selling price of the iphone 7 which is higher than the $699 that analysts had estimated. you could say the two businesses iphone, still and a both going in the right direction, romaine. a company on is track for annual sales this year and will probably top $250 billion. there is only two other companies in the world that beat that. this is a company that is also going to generate over $50 billion probably in profits. it continues to do this year in and year out. it is very consistent.

we were talking about this on the program last week. this company and the stock have really become a much more value faang peers's which are much more growth stock. that is a benefit to this company, a benefit to investors already in the stock. you see it attracts a lot more money flow into the stock because of it. emily: one key part of the service revenue, apple revenue, is up 50%. we will continue to cover apple throughout the hour. romaine bostick from bloomberg, , you arel flax sticking with us. the global slowdown is hitting samsung's results. they posted a net income of $920 billion short of interest -- short of analyst estimates. they are facing increased competitiveness from chinese

rivals. chip business remained resilient despite a chinese investigation over collusion with chipmakers. 90%three companies control of the world's chip market. coming up, candy c and beijing get trade talks back on track before a full-blown trade war? impacts it all companies like apple. we will discuss that, next. facebook identifies an ongoing effort to meddle in the u.s. midterm elections happening now. details on the "coordinated efforts. ahead -- efforts" ahead. this is bloomberg. ♪

emily: with the u.s. midterm elections months away, facebook confirmed many have suspected.

they have identified an ongoing effort to influence the elections. using not authentic facebook accounts and pages that is. we have details about the investigation. >> weedy stable event and will later inform people interested in the event or said they would attend. it is clear whoever set up these accounts went too much greater lengths to up scare their true identities than the russian-based internet research agency, ira,e -- dead. emily: what has facebook -- ira, did. emily: what has facebook detected? >> they saw the russian influence in presidential elections in the 2016 election and failed to disclose that until after the election was decided, they committed themselves to prevent than the future. they are now coming out and separateey have a

instance of election meddling. they do not know if this is from russia or someone else. is smallhis -- this compared to what russia did. what, they bring the public and to what they know since they have been communicating with congress and the fbi. emily: they are also getting more sophisticated and that these attackers are more disguised? sarah: facebook has been morning that no matter how much they invest in trying to stop these things from happening, it is possible the bad actors will be a step or two ahead. in this case, they will -- were able to cloak their identities and more -- in a more sophisticated method. these actors but there as through third parties and were much more difficult to track. emily: let's take a look at sheryl sandberg on the call earlier making that refrain about security being an arms race. >> security is an arms race and is never done.

we made it harder for inauthentic actors to operate on facebook. yet, we face well-funded adversaries that will not give up and are constantly changing tactics. that means we need to constantly improve as well. we are investing heavily in security so we can find an address the threats. we have improved our ai so we can more effectively detect and block fake accounts. emily: is facebook doing enough? if critics saying no. sarah: one thing that facebook needs is cooperation from the government at a level where they are not the sole national security helper for the united states. emily: are they getting that? sarah: they are. i asked that question on the call and they said they are happy about increased collaboration they are seeing from intelligence agencies, congress, but they do not want

to get to a point where they are saying we are going to analyze this and try to figure out the motivation behind these actors. , they sent himy a call, is what they see on the platform. they don't know how this affects things in the real world, about the motivations or who is doing it. part of this improvement in their system is sharing the information with third parties and other tech companies that can try to build a bigger picture of what is going on. emily: i'm sure this will unfold , sarah frier, you will keep us updated as updated -- as always. bloomberg learned the u.s. and china are trying to restart stalled trade talks hoping to avert the trade war. steven mnuchin and the representative from china are having meetings on how to get the talks back on. this is according to people familiar with the meetings.

this is ahead of the next wave tariffs onfs -- u.s. an additional $61 billion of chinese goods. to theet straight bloomberg reporter who gave us this scoop. jenny, first of all tell us what do we know? mnuchin'sknow steven team has been in touch with their chinese counterparts to figure out how to get the stalled talks back on track. we know the two sides have not talked since the first round of tariffs was imposed. since then, we have seen them upping tariffs tit-for-tat on both sides. we also know there is internal discussions going on within the whether or not to have the talks and went to have the talks. whereould have them, and they should take place is also on the board. they are talking about logistics and that what point or whether

or not the u.s. and chinese presidents get involved. you might recall there was a time before when the two sides talked and they thought they had a deal and they did not. president trump walked away from it a couple of days later. chinese officials make clear they need to talk on the highest levels, the presidents themselves. we are in the early preliminary stages of figuring out the logistics of getting the talks back on track. --ly: dan, we are talking waiting on tim cook to give any indication on his thinking on apple's earnings call. are you optimistic about this news and the potential for the trade war to be built back in? dan: i think the most recent announcement or the expectation that we will get a little news is a step along what i suspect will be a series of many, many steps and a lot of back and forth in the coming months. ultimately, what i think we need to see from both sides is a realization that both the u.s.,

china, and china's global economy will benefit if the countries can work together. even though there are imbalances, many certainly in this country would like to see the issues addressed, ultimately, we would like to see a constructive move forward or parties can agree to disagree on some fronts, and other areas, they find ways they can cooperate more effectively and strike a more level or balanced playing field overtime. we have a little ways to go i suspect. emily: jenny, walk us through the timetable of what may or may that wave ofven terror is supposed to start as early as wednesday. jenny: as you may recall, the u.s. and ministration announced it would announce tariffs on $50 worth of products.

now, the 16 billion and the public comment. ends tonight. thenext step would be that u.s. would impose the tariffs because the president has said many times he is willing to go to up to 500 billions worth of chinese goods on tariffs. all we know now is that the tariffs are set to go into effect. red now we know they might take the u.s. andor ministration to take into account all of the public comments that are going in until tonight to finalize the list and act on the list and put the tariffs on. but, i would definitely look at china's response is because donald trump has said his objective in these talks, one of the objectives is to lower the trade deficit. if the u.s. imposes tariffs and china does the same, that we

arrive at the status quo. the president of the united states said the trade of his it must go down. we're definitely going to watch what the chinese government will do tomorrow with the talks. emily: jenny letter, i know you will keep us posted every step of the way. daniel flax, thank you for weighing in as well. coming up, apple earnings with an upbeat report and tim cook settlement call the iphone x is once again the most popular iphone in the third quarter. he said this was a "stellar quarter" on track to double by 2020 and the apple watch had a record quarter. we will bring you all of the headlines ahead. amazon is keeping it in the family. hasjeff bezos his family reaped the benefits of his astounding success -- jeff bezos'family has reaped the benefits of his astounding

success. this is bloomberg. ♪ ess. this is bloomberg. ♪

emily: jeff bezos may be the

richest man in the world. he is not feeling bezos with a fortune. mike95, jackie and bezos invested into their son the commerce website. that's big gamble may be the most successful venture investment of all time. his parents stake in amazon can now be worth almost $30 billion. that makes them wealthier than the microsoft cofounder, paul allen. the share would make them the second-biggest shareholder in amazon following the sun. his siblings could each be worth about $640 million apiece. to $1 trillion, his family could be just a few of tech unknown billionaires -- tech's unknown billionaires. jeff bezos told his parents there was a 70% chance they would never see their money

again. >> he was very clear whether they should put their money in. he said this the super risky investment and i want you to know the risks because i want to be able to come home and have thinks giving dinner with you. out and i'morked pretty sure he is always welcome around their house. emily: talk to us about what we actually know. we really can't be sure they have not sold a significant amount of their holdings. given a bunchave to the foundation. how much money do they have? tom: basically, the last time their holdings were disclosed at the end of 1999. that is nearly two decades away. bulloke out the various case, base case, and their case. the bull case would be they had not sold any stock it all and the stake is worth $30 billion. the bear case on the other side

--ld that they -- would been would mean that they sold it at the lowest cost and that is $100 million. there is a huge range on what they might have done. we're pretty sure they have not sold all of their amazon stock because they have a big charity and donate stock to that regularly. it's not unusual for parents to invest in their though hisventures, parents made a good choice. how does this compare to other parents of billionaires? tom: in terms of scale, i do not think there is much comparison. in terms of the other tech guys thinking about mark zuckerberg, google cofounders, none of their families had enough of an investment for it to be disclosed. the bezos family stands out on their own. emily: good for them. , thank you for the story.

we are staying on the story of the moment which is apple earnings and there was a big beat in the stoxx spiking after hours. apple saw double-digit services growth the cost all segments. take a look to tim cook talking about services revenue on the call. >> we had a still a stellar quarter in services which generated all-time record --enue of 9.5 ilion dollars billion dollars fueled by double-digit growth in our active areas. we are on target to reach our goal of doubling our fiscal 2016 services revenue by 2020. ♪

"bloomberg technology." raking in $53.2 billion in the quarter payment with strong guidance for the quarter. said the iphone was the most popular iphone again in the quarter and is gaining market share around the world. iphone has always been the moneymaker for apple, but tim cook said that was another star this order. >> our third highlight at the quarter is the outstanding result in wearables, which ,omprises apple watch, air pots and beats, and was up 60% year

over year with growth accelerating from the march quarter. revenue was a truly markable -- remarkable accomplishment for set of products it's only been on the market for a few years. is julie, ing me will start with you. what do you make of all this put together, lower iphone sales than forecast but a higher asp at a time when were seeing forecast, asgreat well as permanent services revenue continuing to grow. but it's good news all the way around, despite the iphone number. -- smart phoneer number is maturing in the u.s.. most of the growth is coming out of asia. if you look at where apple needs to be strong to continue on this pace, they are strong -- they

are shown growth in the right places. you pointed out that despite the fact that the --enue beat, they awesomely they actually dropped in market share but it doesn't matter as much because of the revenue. >> they moved into second place in terms of shipments, but it offsets completely, that's the storyline right there. , we saw theirg earnings last night, but the volume overall went down about 10% and revenues even more so. so they are growing revenues at a time when the market has matured. let's talk about the dynamics between what's happening in the u.s. and asia because what is happening in china is looking good, despite all these political uncertainties that are on the table. julie: that is part of the story, but we talk about where the growth is going to come from.

the nest -- next growth markets will be india and vietnam and nigeria. can they continue to grow their market share without giving up the profit? apple generates most of the profits in this market. they are not buying their way in. given are you concerned, the presidents america first strategy? ryan: there's a lot we don't know, but i think overall there is uncertainty there. the other piece about the developed markets slowing down, which is where apple has focused, these other high-growth markets like india and indonesia and so forth, right now there's no pricing structure terms of subsidy or financing that supports apple's higher asp. likely they will come up with some solution whether partnering with telco or service providers. i do think they are looking at those markets as growth opportunities. to tim cooka listen on the call.

>> a subscriptions from apple and third parties have now surpassed 300 million, an increase of more than 60% in the past year alone. revenue from subscriptions accounts for a significant an increasing percentage of our overall service business. emily: be honest, i want to talk about some of apple's other pets. 22%.ing jumped what is it they are spending on? julie: i hope their spending on making the next generation of products to be more intelligent. whether it's wearables or smartphones, how good those products are an attractive to consumers will depend on the family of technologies under artificial intelligence. how good is their virtual assistant? how good is siri? emily: and what about original content, given that it could buoy sales of apple tv, for example.

ryan: they are continuing to focus on building their content story and it's proven to be challenging in some areas. they are certainly not alone. ryan: there's only a few major platform players out there. emily: tim cook on the call saying we feel great about her current services but were also thrilled about our pipeline of new services with the combination of hitting our objective and even doing a little better. >> i think they are unlimited. i believe that apple and all their major competitors are looking at services in many ways. there's your current content in what you can get in terms of providers and partners today, but they're looking it more through the lens of what is technology going to bring in terms of tomorrow and years to come and how will that turn into more service offering. that's what were seen across the board.

be the it's going to next step for them. the lowest corner for mac since 2010, and this had been a core product. -- the lois quarter for mac since 2010. julie: it's good to see the news on the wearables and the watch. one of the things are pointing out is there's no replacement for the smartphone in the foreseeable future, which makes their dependence on growing that services category even more important as we look forward. as certain point, will services surpassed the iphone in revenue? >> we've seen every year they progress in terms of what they're doing around the chipset and so forth. at the big strategy for them to suppliers,pendent on is a broader scheme for apple.

and the value of their hardware is increasingly dependent on the value of the and the third-party ecosystem of devices and services around the products. there's also more that is outside of their control. accepted in more places, but it's going to take time for them to get there, and that's not completely in their control. emily: what are you looking for in the coming order -- coming quarter? the guidance was strong, that shows me they will be ready to launch these new products altogether at once around that september launch timeframe. last year there was a big gap between when iphone 8 and iphone x was available. guidance, i have to believe they are expecting of strong rollout. in the big iphone x i

assume will be a big hit in china. julia: i'm hopeful. emily: thank you both, as always. announced it will be shutting down its self driving truck service, choosing to focus solely on car development. in an effort to remake the trucking, self driving cars have been surrounded by controversy. as competition in the self driving car industry heats up, uber said it will move self otherg truck program to parts of the autonomous car department. and the e-commerce startup that's grabbed everyone's attention. this is bloomberg. ♪

emily: a one-year-old e-commerce startup hopes to take on the e-commerce world with his latest boost of funding led by the softbank fund. it launched just last year and offers over 300 organic and high-quality household and food items each at the price point of just three dollars. brainless does it mean no brand, ndlessr vision -- bra doesn't mean no brand. less.hink of it as brand

the problem is that people had lost trust in brands. 78% of millennial's second don't want to buy the product and brands they grew up with. people want brands that reflect their values. when my cofounder and i founded the company, we said the first thing wrong to do is reimagine what it means to be a grant, when that's based on truth, transparency, and indirect connection with the community that it serves, and once he's basic value is about scaling kindness. emily: entering the e-commerce landscape, you're going to get asked about amazon. why walk into a market that is so dominated by one player? >> we don't think about competing with amazon. amazon is the everything store. brandless is a community of people that believe everyone deserves better and it doesn't have to cost more. and we can curate and edit a

simple assortment of what you're looking for. shampoo on amazon, you will get 20,000 results. you say you only want to see the clean ones. you're going to get one great shampoo and it is three dollars. is simplified. amazon has everything, we have products we have created and curated for the community that we sell to the community, and it's not a lot of choice, which for a lot of people is very relaxing. it's anti-overwhelmed. .mily: you're only a year old him would like to say i won over, but the product in the story and the opportunity to reimagine an industry is what he has built the fund for. whouilt a team of investors are operators, who know how to scale things, who see that the cpg industry is really broken.

it is so many layers and it was built for a very different time. products were built for the shelf, not for shipping, and they were going through stores and never markups and it was terribly inefficient. what he saw was that we could completely disrupt the supply chain and go direct to consumers and build direct relationships with consumers. data and artificial intelligence machine learning to create the products people are looking for and do list all the -- there's way too many products out there. a $500 billion valuation, that's a lot to live up to. how do you plan to use the money and deliver on that vision? tina: in order to reimagine an industry, it's not a single swing of the bat. it's about investing first in an people, building

extraordinary team, using it to scale our technology and data signs and all of that infrastructure, and create more products, greater assortment, and accelerate bringing brandless to everyone. emily: i can you make money here? how is it possible that the shampoo and the popcorn is only three dollars? the problem is coming your getting ripped off. the people understood what things cost ursus what you're paying them, you would be freaking out and writing in the streets. people don't actually know what things cost and a kind of know what their budgets are, but they don't really know what things cost. and the better markets, everything we do is better, and they charge more for it, and that's not ok. emily: so where does your stuff come from, and is it actually unique, or is it something i

could get somewhere else? tina: we have an extraordinary community of vendors. almost all of our food is from north america, though there are organic olive oils from italy and organic pasta. we have products from all over. in theveloped them so beauty and personal care area, a lot of those are formulations that we are in the lab doing. our food scientists are working with the various manufacturers and in some cases, if her sugar,ng organic brown there's not a lot of codevelopment there because that's not a special formula, that's just pure brown sugar. compared to the japanese home goods store which has been a sensation. what are your plans for international expansion and does that come now or later? tina: i would say comes later, but with our muses from around

the world that really inspire us, we are building a global brand, and more importantly, a global movement. tina sharkey, thank you so much for stopping by. great to have you. coming up, we get back to the story of the moment, apple earnings. tariffs risk said unintended consequences. he said none of apple's products were directly affected by the first three rounds of tariffs. he said he is still evaluating the fourth. we will talk more about that next. this is bloomberg. ♪

are gathering over tesla ahead of second-quarter results wednesday. analyst publish note striking a cautious tone. concerns are growing around cash

targets, andion gross margins. it leads to one central question, is tesla a real car company? >> elon musk says tesla is a real car company, but some analysts have doubts. let's break it down. tesla is worth more than ford with roughly the same market cap as general motors and is nearing its own production targets. at the end of june they made nearly 7000 cars in a single week, a little more than 5000 were model three. at that level they can be profitable in the third full quarter. analysts have yet to be convinced the company can sustain that level and say they find a way that's profitable and quickly. the company is burning through cash and analysts say it needs more. $19 billion in capital since 2010, a burger more than $8 billion in cash and

never posted a full-year profit. april there was job cuts and budget tightening. tesla's producing just a tiny number of cars compared to other automakers. 88,000,any notice compared to gm's projected 8.6 5 million vehicles and pretax profit for this year. on a is still relying single plant in california to achieve scale. one third of production is housed under large tent. it comes to global growth, tesla plans to build a plant in china, but it won't be ready for at least another two years, and no one knows how much it will cost. that is why it was say tesla is not yet a real car company. emily: and a final wrapup of apple earnings come out with third-quarter results, beating analysts estimates, and a strong fourth order forecast.

>> today we're proud to report are best june quarter revenue and earnings ever, thanks to strong performance of iphone services and wearables. we generated it to $3.3 billion in revenue, an increase of 17% over last year's results, making it our seventh consecutive quarter of accelerating growth, our fourth consecutive quarter of double-digit growth, and our strongest rate of growth in the past 11 quarters. mark, who'sng us is been blogging live on the bloomberg and digesting all the results. tim cook talking for the first time about the tariffs, saying they could have unintended consequences. he's not so worried about the first waves, he's looking at the one that is supposed to be coming. what do you make of it? >> he basically gave us a classic bloomberg primer about

what's going on, listed it out for different tariffs. he said apple is not particularly worried about the first three, saying none of his products is affected by them, but the fourth one that under discussion, $250 billion one between the u.s. and china. cook said their reviewing it and will share their thoughts with the u.s. government, the trump administration, and then go from there. there has been talk about some products like the apple watch falling. so they aremplex, still working through it. it's a difficult situation. emily: he also mentioned they decide to work with opera. it's exciting to hear tim cook talk about opera. what do you make of this? he came out and said we

have this original content project we are working on, so it is a thing, its initiative, there going after amazon prime and netflix. he didn't come out and say it but that was the implication of what he was talking about. emily: what is your overall read on the earnings? mark: the mac number was disappointing for this quarter, the lowest unit save reported since the third order of 2010. we're talking about eight years. of merging the apps, doing more with the operating system level could ignite further sales up matt. they're working on a cheaper macbook replacement to replace the macbook air early next year so that could bring sales up in the near term as well. emily: take a listen to this. >> our view on tariffs is that they show up as a tax on the

consumer and white up resulting andower economic growth sometimes can bring about significant risk of unintended consequences. said, the trade relationships an agreement the u.s. has between the u.s. and other major economies are very complex, and it's clear said, te that several are in need of modernizing. so obviously there is more to be senior. bloomberg has been reporting that talks may be renewed between the united states and china, so this is very much alive situation. talk a little bit about what apple has at stake here, different products as you mentioned, make all into different categories, but overall, all their products are assembled in china. mark: u.s., your tariffs they want to put on goods coming in

from china, and china putting tariffs on goods coming in from the u.s.. so apple is any unique position, they are u.s. based company out here in california, but they produce over 95% of the goods in china. so it's not really fair to say that apple is not going to be hit at all. you have to choose a side, you either get hit on the u.s. or the china side. so far it appears none of their products have been hit, but clearly they are worried about the fourth set of tariffs. ,learly they know something they know they could be affected in some shape or other for the fourth one. emily: how we know tim cook has spoken to the president and into the white house a number of times. thank you for your great reporting on apple. that does it for this edition of "bloomberg technology." --will have full coverage in of tesla's earning results on wednesday. that is all for now. this is bloomberg. ♪

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