emily: i'm emily chang and this is the best of bloomberg technology, where we bring you top interviews from the week. apple, amazon, tesla, facebook, it has been a big week for tech results. we will have highlights and reaction. facebook striking an upbeat tone after its results. we speak to sheryl sandberg about how the company is trying to move past its scandals and controversies. intel names a permanent ceo after months of searching. why the chipmaker hired from within and will it be the right

call in the long-term? first to our top story. facebook goes on the offense. the social networking giant reported revenue that lou past past analyst expectations. if the recent deluge of scandals is hurting anything, it is not the numbers. but they still have a tough road ahead. i spoke to sheryl sandberg on monday after posting results. we began the conversation focusing on performance. >> we had a strong quarter, the end to an important, challenging year. the growth is across the board. if you look at it, we now have 2.7 billion people using at andt one of our services that is facebook, instagram, whatsapp, messenger. importantly, facebook is growing. we have 2.3 billion users on a monthly basis with 66% coming back every day.

one of the questions people have about us right now is that we are making such big investments in safety and security. we have so much work to do to protect people on platforms. can we do that while growing the community and business? this quarter shows we can do both. we still have a lot of hard work to do, but i think we are making progress. emily: there was an incident whereby it was revealed facebook had a tool that was collecting data from users in exchange for payment. apple has shut down your internal apps and our sources are telling us that employees are panicking. how are you triaging this? >> we want to be clear about what this was. this is an app called the facebook research app. despite the early reports, there was nothing secret about it. it is completely opt in, participants knew they were in. the great majority were adults

and people were compensated for being part of market research. emily: even apple has punished you. >> well, we took it off the app store. they took it down. it was violating their terms and -- and that is something we never want to do and we are working with them on employee certificates, but it has been a productive day at facebook. emily: that said, for a lot of people, this is sort of a not again moment. so what do you say about why should people trust you? >> what matters is that people know how their information is being used. in this case, the people using the app new they were in it and ir information was being used. but you are right, it has been a challenging time for facebook. i think one of the things you saw is how much we are investing

in security. if you want to look at what a company cares about, look at where it spends money. we have changed our profitability because we want to take the hard steps to protect people. you see us doing that. it happens with the midterms and around the world. increasing the distribution of fake news. these are hard and ongoing problems, but we are determined to do the hard work. emily: the ftc has been investigating facebook's privacy practices and we reported they are preparing for a record fine. what are you preparing for? >> we are working closely with the ftc and regulators around the world. what we are preparing for is to continue to make investments in safety and security on our earnings call. mark said it was a top priority for the company, and to continue, we have a lot of work to do. we are making good progress in a lot of areas and will continue to work hard. we're also continuing to build great products. i think what this quarter shows

is that people are continuing to use our products around the world and we are going to continue to make important investments. we are making massive investments in and -- in capex and renewable energy. by next year, we will be 100% renewable in all of our operations and continue to make investments across the board. emily: more broadly, it has said that revenue is expected to slow down and make changes. you said you welcome regulation. how do you convince investors that facebook will also continue to grow rapidly with that? >> well, our numbers are public. we are still a fast-growing company by any stretch. we're going to continue to make investments to prevent harm, to build great products and invest in the future. our focus is continuing to do all of that. i think people wonder to do it

all at once. i think this quarter shows we can and will. emily: mark has said he wants to decentralize power. we know you are working on merging the backends of messenger, whatsapp, and instagram. there is a concern that privacy will be compromised in the process. why do that? >> we know what people want from messaging. our focus is what people want. they want messaging that is simple, reliable, and private. we are working on ways to make it easier to find your friends and family throughout the network, but in all of that, we are going to make very, very careful decisions with people's privacy. these are early conversations with a lot of hard work to do. emily: my conversation with facebook coo sheryl sandberg. intel has named bob swan as its seventh ceo, filling the most prominent role in the semi

conductor industry at a time when opponents are challenging the company's 30 years of market dominance. this ends a monthlong search where swan claimed he did not want the top job. caroline hyde caught up with ian king about the decision thursday. >> when i spoke to him about this earlier, he says, well, i wanted tob and just make intel a better place. the more i did the job, the more i took over, talking to customers, dealing with those interactions. the more i understood about how pervasive we are in the industry and that became interesting. when the board finally said would you do it, i could not refuse. >> the market was initially mixed about this. shares fell and they managed to retrace loss. why the disappointment? there was plenty of hope that they would get a more female ceo, or maybe a more external candidate. >> you are exactly right.

predecessor was forced out, people immediately thought that bob swan would be a good interim candidate. as things dragged on and bob said more and more he did not want to do this, people started to look in other directions. then, when we go back after seven months to the person we thought was going to get it, then, it is a sense of what went wrong in the interim and there was a little disappointment. >> now the focus for bob swan is take on some of the competition. thanks to you, we have got some great quotes, discussing how he is going to be doubling down on services for customers. take a listen. >> we believe we need to continue to provide real differentiated service for our

customers, not just have great financial results, but to increase the gap between us and competitors in which we can be. -- in which we compete. to bring technology to life by having 10 nanometers systems on shelves in a holiday season of 2019. >> just how hard is the competitive landscape for intel? >> that is a good question. at their at -- to look numbers, you would think, what is the problem? but looking at what is happening behind the scenes with the manufacturing technology, something intel has been leading for decades, it is not looking quite as good. intel is years late on the latest manufacturing notes, something which other companies appear to have gotten to first, over the next 12-18 months, it will face more competition than it has for a very long time. >> which company is the one to watch when it comes these new

innovations? >> the obvious candidate would be amd. it appears to have resurrected its fortunes and become a credible supplier again. really, what is potentially more damaging oare customers such as amazon, microsoft, they are looking at their own chips. their own designs for these data centers, and that really has got to be a huge threat. they are outsourcing their production to tsmc, arguably leading in terms of manufacturing. emily: that was bloomberg's ian king. coming up, tech earnings season gets into full swing. we discussed amazon's crucial holiday season. and if you like bloomberg, check us out on the radio. this is bloomberg. ♪

emily: it has been a big week for tech results. amazon reported fourth-quarter results giving insight into sales over the holiday. analysts talked with caroline hyde to get their reaction. >> amazon has shown great growth in the fourth quarter. as you mentioned, the advertising business is skyrocketing. we have seen the growth of grow to 10%.cks you can imagine that business doubling to a $7 billion a quarter business. we have also seen strong transaction volume. they're still the dominant e-commerce player and we expect that to continue. >> you have got a buy rating. do these numbers substantiate that? >> absolutely.

this fourth quarter is a continuation of the trend for rom the second and third quarter that you have to get used to the more profitable amazon. what is driving that is not only advertising, but third-party unit sales, 52%, versus 51%. the items sold on amazon by third parties utilizing its platform, very profitable. also, their cloud computing effort where the revenue growth was very similar between the third and fourth quarter. you are seeing a more profitable in the growth engine of amazon being not only cloud computing, but advertising and third-party unit sales. >> to that end, they are profitable and have more cash. i am looking at the cash this company has. where do you think they put this cash to work in the best way? where do they double down? is it about advertising? is it about aws?

they are clearly still outperforming in e-commerce. >> historically, when you think of amazon, you think of investment spending. as it pertains to using the cash, we expect them to continue their high pace of investment spending. in addition to cloud computing, it looks like they may do more with physical stores. they talked about expanding their whole foods physical store footprint. we still think that amazon could do gas stations. what they intend to do with whole foods is to expand their delivery network by having more physical whole foods stores. gas stations would do that to a greater degree. they are continuing to invest in proprietary content. expect more investments in a lot of their growth drivers. >> an interesting element is that we are perhaps seeing a plateau of growth with prime subscribers. does this worry you in any way? do you think it is more now the

time to focus on international growth? >> that is a great point. amazon has to focus on international growth. they basically invented e-commerce in the united states. when they have grown internationally, they have had to go into markets with entrenched competitors. need to focushey end private higher a label products. >> there is plenty of competition. could they just throw aside the factors. there have been clear competitors who have made their business to dominate in the luxurious side of apparel. can amazon when there -- win there? as your shop shows, a lot of the spending is a lot less than the competitors. >> we have seen examples.

we saw spikes on walmart.com where the average price of a product sold went from $39 to $53. but if you're talking about where to invest that cash, almost all of it is at that higher spend level. amazon has naturally got to go in that direction. they have pretty much dominated the cheap goods market. >> i want to go to the other part of business that drives growth. we are talking e-commerce but also aws, 46% growth is a phenomenal. are we expecting to see that continue? and really, how are they changing up the model? how are they seeing the competition when we have microsoft making inroads and cloud spending dialing back? >> the story as it pertains to cloud computing with their aws effort is the pace of growth should decelerate as it becomes

a bigger effort for the company as far as total revenue generated. the good news for amazon, and what really drove the share price was that its fastest growing business was also its most profitable business as it pertains to cloud computing. the good news to your point is that they have been able to sustain this growth despite significant advancements from microsoft and google. cloud computing remains important for amazon, a fast-growing but also a huge profit driver. overall only 12% of its revenue. aws becomesou think compared to the rest of the business? >> when you compare relative growth rates, 10 years from now it could be 25% of sales. when you look at it on that basis, that is why you believe amazon can have a consolidated margin in the 21% range.

we do think you will see more margin expansion in amazon over the next 10 years driven by their cloud computing effort as well as advertising and third-party unit sales. emily: coming up, the u.s. ramps up its fight with huawei as china-u.s. trade talks resume. prospects ofmpact a potential deal? and later, iphone sales slowdown with a massive revenue drop. tim cook is still bullish on goods and services. we bring you all of the highlights from apple fourth-quarter results. this is bloomberg. ♪

emily: the u.s. has hit china's largest tech company with a string of charges ranging from ip theft to fraud. the indictments, ahead of crucial new trade talks in washington. huawei reacted by stating they

denied that it or any subsidiaries committed any of the violations of u.s. law set forth in each of the indictments is not aware of any wrongdoing, , and believes the u.s. courts will ultimately reached the same conclusion. huawei and u.s. affiliates are set to appear in the u.s. to face charges that the company engaged in a scheme to steal trade secrets from t-mobile. our global executive editor joined us tuesday to discuss. >> the timing is everything, right? these are -- getting these charges to come down just as trade negotiations heat up. there are two schools of thought, one of them is this gives the u.s. leverage. it gives us some kind of negotiating chip. there is another school of thought, and we spoke on bloomberg tv yesterday to a former u.s. trade official who

said this undermines the u.s. case. this has the potential to show china that we are not serious about either side, either the trade issue or the case against huawei, because why would we use one as a bargaining chip against the other? in some ways, it undermines our case to show that we are willing to make concessions on this side to get what we want here. well, then how serious were you about this side of things in the first place if you are going to use it as a negotiating chip? it is a different school of thought, so it could go either way as far as u.s.-china is concerned. emily: the u.s. has formally requested -- >> extradition, that's right. emily: to the united states. what is the process? >> canada has 30 days to honor the request. it is an interesting situation canada is left in. canada is paying a high price to be the u.s. ally here.

they have got canadian nationals arrested in china as a result of retribution for canada's role here. it is not working to canada's advantage. you have also got to take into consideration this question of countries around the world, including canada, who want to build out five g networks. the fact of the matter is a lot of telecom companies say huawei is selling equipment at a low price. why can't we buy it? there is all of this political pressure from the u.s. against using huawei's equipment. emily: your team has so many stories out on every single angle, the title of one is "u.s. message to the world: don't trust china on 5g." how will others receive this message? >> your desire to use huawei's low-priced and reliable equipment on 5g and the

assertion by the u.s. government thatchina -- excuse me, huawei can create a backdoor. your trade secrets, your national security. that is the trade-off a country has to make. do i want this equipment, or do i want the potential for a backdoor? where we see the u.s. needing to be more forthcoming is to show more of why huawei is a threat. yes, they are stealing ip allegedly. they are violating trade sanctions. are they a threat. are they saying to china's government come on in and listen to these conversations. that is an open question. emily: still don't have any evidence of that. i want to tie this back to apple earnings.

huawei is not seen their market share fall like apple is. are in an advantageous position because apple had to outsource its chips where ias huawei makes its own. how is huawei's business going a miss this onslaught to the supply side? >> it is an important part of their business. the message they are trying to send is we are more than just about telecom equipment, telecom and networking gear. we are moving into new areas, things,ike iterative ai. they are trying to send a signal that we have other businesses we can rely on. we did this story about the fact that their chips are in security

cameras, everywhere. there are other businesses and they have a local phone business that is doing well in china despite the slowdown. the slowdown is hurting many companies, not just apple. itre it has an advantage is prices its products of a low price point, something apple failed to do. that hurt apple in the most recent quarter and we will see what apple starts to do to get around that. inther advantage for hauwei china are local companies are awei.ng employers buy hu let's see if that is starting to take a toll and if that continues. up, we are more than the iphone, that is apple's message to investors, where tim cook is focusing growth next.

you can check us out on technology and follow our breaking news. this is "bloomberg." ♪

♪ welcome back. i am emily. apple posted his first earnings report since ceo tim cook informed its investors that they were cutting the forecast. it was higher than expected at $84.3 billion. the number we were all waiting for was china revenue. there was a steep drop-off in sales. apple brought in almost $5 billion of less revenue in china than a year earlier. weapon securities manager, the founder of the market intelligence site, joined us after the earnings came out. ofwe have seen a couple

macro indicators collapsing over the last two months of the quarter. and all ofn attacks these were dramatic. until q3 last6% year. they went from going up to down 17% or so year-over-year. this is a dramatic collapse in china, and it's not just apple feeling the brunt of it. we are potentially seeing a collapse in consumer confidence overall. >> the question is why? is because of the tax or broader sentiment, does it have anything to do with the trade war, what is the root of this? >> this is apple specific to a phone,ice i 10 our ultimately it should be 20% cheaper. a lot of this has been mispriced and also from a technology perspective. 20%ese consumers represent

of all of the upgrades for iphones in the next 12 to 18 months, they basically looked at this phone and walked away, that is where you see where this number is. we knew china would be week and it fell off a cliff. the positives. >> hang on, you are saying the vast majority of $5 million is due to the mispricing of the 10 are, what about the other phones. ? xr.0 are -- what was cooking china's focus was that phone. specific, andle we also see the backlash in the overall headwinds. but the mispriced phone, giving the technology. cycleis is a huge iphone of 20% of overall iphone upgrades in china.

that's the key. in this call coming up, this is going to be the key as to how this turns around and how cook and apple are looking at it. we know there are competing smartphone makers, all of whom smartphones, what do you attribute this? -- onefactors set out factor fell at about the same rate that apple did. and samsung reported huge losses in market share. we had some players rising, but the overall market is suffering, it's not just apple? apple has the premium segment, the premium you would imagine is suffering more but the overall market fell. i think apple is more or less in

the middle of the overall contraction in the market. we saw u.s. sales slightly up year-over-year and slightly down in europe. where is the growth going to come from if it's not coming from china? china is the linchpin but you don't need to see mega growth. 5% have a plus or minus growth give or take. see 350 million iphones coming up over the next 12 to 18 months. what has been weighing on the stock is the base -- the install base. this is the services story. we believe that you start to see china rebound but you only see that if they cut prices more with 10 or. that's going to be the focus on

the call. because otherwise it is a lost cycle until september. that's the worry of the bears and the bulls. that's the beef, do they cut prices? underway, tim cook has just started speaking. he is saying the macroeconomic conditions were much worse than the company initially thought they would be, or they did not break out unit sales for the first time, they gave us revenue for each product category. $52 billion for the iphone, six point $7 billion for the ipad. services,n for --.rally in line with those what is the significance of these numbers, not having those unit sales? >> the install base, there was an update given during the investor leather, and it was the

last time they gave an update, there is a $1.4 billion -- 1.4 billion install base. and as you cited some of those figures in terms of their break down by unit, or by revenue by category, we have the ipad up 17%, the mac is up 9%. we have wearables and others growing. iphone, excluding the the business has grown 19%, which is still a small portion of the iphone that is growing very well. i think overall this is a healthy ecosystem. this is a growing number of users. we have a great services story on top of that. so reports of -- >> so the reports of apple's demise is greatly exaggerated? >> they have been for 10 years.

>> i disagree with that comment. this,now, if you look at the story has changed. when you look at services and what happens going forward, it's the key to what's going to happen in the next 12 to 18 months. thoseis the linchpin if customers do not upgrade. so if this continues to be on apple, they are entering a different comparison than before. i think this is why investor reactions have been so negative. i think what you want to see going forward is that the pricing that they lose in china, and fundamentally the services businesses will feel more comfortable. i think the biggest number is the services gross margin above 60%. that is the line in the sand. that's in our opinion why the

stock is up. that's the first time they are breaking it up and that is key to the sum of its parts valuation for the services business. services, are up on during the year and quarter where we had a better story for apple, they were up to 58%. now they were at 64%. margins, andon it's not a bad one. i think we are going to see an increase going forward. theme, the key question on install basis, for that to decline we would have to have people switching out of apple products. we are not seeing that. think that yes we should keep an eye on it, but i don't think loyalty is going and any other direction. ives. that was dan

roger lynch, the ceo of pandora, will be stepping down from pandora and exiting the company after the deal was approved for serious to acquire the music toeaming site -- sirius acquire the music streaming site. jim meyer will oversee the combined company. tesla'sp, fourth-quarter results are in, and it's a miss for earnings, how did the carmaker fair overall? third-quarter results, what to expect from the company this year as it takes on gaming. this is bloomberg. ♪

came out withlso third-quarter earnings. they announced they would

restructure in the fourth quarter, but cut annual costs by $400 million. we were joined by -- by $300 million. we were joined by tasha keeney and down a hall. >> elon musk singled to people -- signaled to people they were expecting a smaller profit in the fourth quarter than the third-quarter. that is what they delivered. they missed on eps but still , have cash to pay off their debt. shares have bounced around a little bit better fairly flat. emily: the big question is sustainability. tesla had, despite a lot of challenges, a record year. what are you expecting with regard to production and delivery and demand? >> we think the model three comes through in surprising ways. it is a top-selling premium sedan in the u.s. for the second

two quarters. demand came in strong and they are starting deliveries in china and europe. we can expect a similarly positive picture. in terms of production, there is too much focus on production and delivery figures for a company that is really ramping up like tesla. we are looking to the future with tesla as an autonomous production service company. we are looking to the long-term. we think tesla could launch an autonomous service, that is the most important market opportunity. emily: elon musk has focused a lot on production. he said the model three would take tesla through production hell. we know the company will not necessarily keep up the production levels of last year. they laid off 7% of the workforce trying to restructure.

how will that redistribute workflow? dana: the shareholder letters said they are hoping to reach a sustained reduction rate of 7000 model threes a week by the end of 2019. in august 2017, he said you should have no concerns that we will reach 10,000 a week. they are walking back some original targets and trying to manage demand. this is a company that builds to order. they try not to carry a lot of inventory and with the tax credit cutting down, they did not want to build a lot of cars and have them sitting around. it is smart with they are trying to do. emily: tesla has broken ground on the factory in china. how optimistic are you about their future in china, in the midst of the trade tensions? tasha: we have seen a lot of

positive activity, particularly in the auto space. we saw the relaxation of the 50-50 joint venture rule, allowing tesla to enter the market without a partner. that rule relaxation seems uniquely beneficial to tesla. musk has said he has good talks with officials and we think that is the largest market for autonomous driving. it is strategic for tesla and we are excited to see what goes on. emily: we have not gotten an update on autopilot in a while. what are we helping to hear on the call but starts in about 15 minutes? dana: there was not much in the shareholder letter. on the call, i would imagine people will be asking about it, when will tesla demonstrate this autonomous cross-country drive?

in previous calls we have had the autopilot team on the call, i'm not sure that they are expecting that this time. tesla has fallen behind competitors like waymo when it comes to getting to market with an offering consumers feel comfortable in. emily: clearly, the model three tesla is far ahead in terms of electric cars, but you have competitors coming to market. sales will likely be small this year but will grow next year. how much does tesla have to worry about the competition, whether it is audi or porsche? tasha: i think tesla's navigate on autopilot feature shows it is competing with companies like waymo. they are coming from a distant

-- a different approach. waymo is testing on suburban roads as opposed to tesla who started mostly on highways. getting on and off the highway is a problem many teens have had -- many autonomous teams have had trouble with. we have heard tesla will account for 50% of global battery production by the end of this year. the competition gets the scale and that takes years. tesla has that scale and they have a technology advantage. we just heard the north american ceo of toyota say tesla is affecting previous -- prius sales and they are creating a new category of vehicle, and a technology driven car. things that competitors just do not have. emily: it is obviously been a tough year for tesla as well. musk was fined by the sec and they have gone on independent directors. we don't know how independent they are.

larry ellison has joined the board. elon musk has been fairly quiet. is there a sense the governance and leadership issues have stabilized? dana: 2018 was such a dramatic year between the autopilot fatality, sec investigation, go private bid. tesla was in the news nonstop and everybody at the executive level is ready to focus on execution and stay out of the limelight if possible. the shareholder letter was remarkable in that it was a bit conservative in terms of guidance. there were not any pie in the sky predictions. it was a conservative letter and that will be interesting to see what the tenor of the call is. emily: tasha keeney and dana hu ll. dropbox acquired hello sign. hello sign is an e-signature

company that counts lyft among its customers. dropbox says hello sign will continue to operate independently. coming up, hardware company logitech is on track for growth in 2019 and crediting one moving -- booming industry. we talk with the ceo. this is bloomberg. ♪

emily: logitech is crediting much of its recent success to the rise of e-sports.

the company had a -- the company saw a 23% jump in the gaming business. the company attempted to diversify its offerings as pc sales decline while mobile and clouds services gaining popularity. the ceo joined us. bracken: i have three kids and all three were gamers. they were right and the strike zone. my kids said, logitech is a great company, but their products are not as good as they used to be so when i joined i said, where is the gaming group? it was four people. emily: how big is it now? bracken: i would not hazard a guess in public, but well in the hundreds. emily: you still make the keyboards and mice, and now you are making more equipment for games. bracken: right. gaming is, and a way, the core -- in a way, the core business of mice and keyboards

and headsets is the same thing you see in gaming but it is much higher spec. it is increasingly wireless, superhigh quality sensors, and designed for gamers. it is that business, and we also make things for console gaming like headsets. we are getting into the controller business. we are in simulation where you feel like you are driving a real race car or if you are adventurous, you can drive a simulator for farming. emily: does the health of the company depends on the health of the gaming industry? is that a concern given china's crackdown and the health of the global economy? bracken: we are increasing our portfolio all the time. we are more than just gaming. gaming is on a secular growth curve that will go on forever. it will be the biggest spectator sport within the next 20 years. we are very big in video collaboration and conferencing. we make conferencing for rooms

of all sizes, and our pc purple business is strong. emily: what is the outlook for e-sports? bracken: e-sports is fantastic. for most people under the age of 25, almost everybody is playing or watching or both. if you are over the age of 35 or 40, you are like, what is this? it is not a craze. they are playing more games , playing them longer, and they will grow up and their kids will play. emily: how is your strategy being impacted by the trade war and the concerns about the chinese economy? bracken: the u.s. does not touch our strategy. it touches the tactics and operations and the way we bring things to market, so we do our own manufacturing. we also manufacture in other

people's factories in china. we are used to moving things in and out of our own factories so we are moving things in factories, some outside of china , and lowering our costs overall . if we have to raise prices, we will. emily: what is the volume moving outside china? bracken: it is relatively minimal. 35% of the business -- it is small. emily: is that a concern for the business if you need to raise prices? bracken: we are generally the biggest player in most of our categories, and that gives us some pricing power, and everyone we are competing with is in the same boat. emily: do the trade tensions have you thinking differently about acquisitions and m&a? bracken: no, it doesn't for us at all. i think it has dimmed the overall market.

it more attractive from a pricing standpoint. we are still thinking about it and looking at it. emily: some of the consumer companies have been getting into consumer facing accessories, like apple, amazon, and google. is that a threat to your business? bracken: our general strategy is we try to go into things that are not important strategically to them. if they are in them, they are in them to finish and experience. but they would like us to finish off. it is not a threat but it shapes the direction we go in. emily: logitech ceo bracken darrell. that does it for this edition of "best of bloomberg technology." you can tune in every day, 5:00 p.m. in new york, 2:00 p.m. in san francisco. you can follow our global breaking news network on tictoc. this is bloomberg. ♪ i'm a veteran

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juliette: coming up on "bloomberg best," the stories that shaped the week in business around the world. so much for investors to process this week, from a fed decision. >> the pause is for real, this is an indefinite cause. >> to trade decisions. >> while no breakthrough, it was expected and the two sides remain hearty. >> to the latest jobs report. >> it is almost like a second cycle. that is the way i would describe it. >> theresa may in parliament. backing a brexit plan b. >> theresa may can go back to brussels and say we do not want to crash out, we do want to deal. >> earnings reports come fast