>> i'm taylor riggs in new york. this is "bloomberg technology." slack-jawed. slack shares plunge. at issue, service problems and competition from microsoft. settlement -- google will settle as part of an agreement with ftc for violating children's privacy on youtube.

critics say it is not enough. and chasing tesla. new luxury car seeks to overrun tesla. we will run down the features, including the price. slack chairs are plunging in after hours trading after the company gave its first earning report as a public company. while it beat analyst expectations for both second-quarter revenue and earnings, it projected slower sales growth for the second half of the year. aboutsaid revenue will be $154 million in the third quarter, signaling that strong competition may dent the software maker's rapid rise. shares are falling about 15% in the post-market, following the results that it's poised for a record low. joining me to discuss, nico and larry. great to have you.

we've had a few hours now to digest the earnings. give me some of the big concerns here. is the big concern that topline revenue growth? >> well, that's something i don't cover. i cover -- i work for technical professionals. i talk to the geek in the room, the i.t. professionals about installing and securing the software. i can tell you, from my perspective, there is still strong interest for slack from our metrics. if you look at the inquiries we get and other metrics we get around our research reports. taylor: if you say there is strong demand here for slack, talk to me a little bit about the competition side, mainly from microsoft. -- namely from microsoft. larry: it's pretty stiff competition. microsoft is trying to push microsoft teams and this type of collaboration into the infrastructure, and so it

becomes this horizontal service that everyone in the company has access to. and we can tell you, based on our surveys in this past year, that office 365 is attributed early -- is increasingly being attributed to collaboration. opinion, as microsoft it has built, awareness to collaborate more effectively in the cloud, which should help slack and increase interest in the market overall. taylor: i want to bring in nico grant, who has been covering slack for us. give me your top takeaways. what happened to the top line revenue growth? >> so, taylor, this is an instance in which slack's best wasn't good enough. we had seen for years that slack hypede of the most

unicorns in silicon valley. hyped unicorns in silicon valley. it raised at least $1.3 billion because of all that anticipation, and the stock went down 15% today. the stock went down about 20% after that first pop when it went public in june, and the reason why is because the company is decelerating. whether we consider the revenue forecast for fiscal 2020, which was just short of the consensus estimate of wall street analysts, or if we consider the growth in the number of paid customers and large customers. is for many metrics, slack not growing as quickly as it once did. there is the law of gravity when it comes to these pod application companies. the larger you get, the more difficult it is to continue growing at the same rate. money-losing company. from an investor perspective, if you are not making money, then you need to be growing. if you are not making money and you are not growing as quickly

as we want you to, then we are a little bit concerned. taylor: you not only got the investor perspective, but you heard from the ceo. what did he have to say to defend the topline and bottom-line growth? ceo: i just spoke with the and cfo. butterfield said, basically, this is very strong growth for our business. the cfo echoed that sentiment. they said that when you consider the amount of customers who are spending more than $100,000 each year with slack, think of this as the largest businesses in the world, that number increased by 75 to 720, but that's still a slower pace of growth. they're very much looking forward to a current product that they have coming out right now, which they think can continue to improve things. but they are going to focus and tell investors on the earnings call, which has just started,

about the customer stories, basically. tell them what companies are using slack. they've seen lots of growth in europe, including germany. they are also seeing growth in the u.s., they say. but essentially they are sticking to their line of, this is good enough, even as investors clearly are not happy right now. taylor: well, i want to bring larry back to this conversation. larry talked about the future of slack, and part of that is bringing in some security tools. i wonder if that is a future growth area for them. how does that compare with others? larry: when you talk aboutslacks slack, you have to realize there are two different families of products. one is slack teams, which you may be familiar with. that's the free version of slack. there's a paid version where you buy it team by team or workspace by workspace. then there is the slack enterprise grid. that's the enterprise license product, where you get all-you-can-eat, all you can

consume teams and workspaces. that's who i talk to our clients about most often. that's where they are investing a lot into the security products as well. they recently released a new desktop client which handles more effectively a larger number of workspaces, so they are expecting some growth there. they're also building in some native mobile security features, very similarof -- to what intune does with microsoft, but to be able to control how the application behaves on the mobile device and control the content that slack uses on the device. that's all good stuff to help them compete and help them build credibility's with the i.t. professionals that i talk with. taylor: like you said, all good stuff, certainly increasing competition. thank you to nico grant and larry cannell. bloomberg beta, an early-stage

venture fund, is an adventure -- an investor in slack. to itsis adding a woman all-male board of directors while it prepares for an ipo. the harvard business professor was previously a senior vice president at uber. wework says within a year of going public it will add another director with a commitment to increasing the board's gender and ethnic diversity. to could begin the roadshow for its ipo as early as next week. up, $170 million is what google will have to pay as part of an agreement with the ftc for violating children's privacy on youtube. this is bloomberg. ♪ youtube. this is bloomberg. ♪

taylor: another fine for google.

this time youtube has agreed to pay a record $170 million to settle claims that it violated children's privacy laws. most of the money will go to the federal trade commission. $34 million will go to new york state. youtube has been accused of failing to obtain parental consent in collecting data on kids under 13. to discuss, i'm joined by the vice president of netchoice, a tech lobbying group that counts google as a member. also with us, ben brody, who had reported on this story. let me start with ben. the fine doesn't seem like much. how big of a deal is this? ben: it is certainly easy for google to pay it. it's a drop in the bucket compared to their annual revenue. it is, however, a very large fine by the standards of children's privacy. it's 30 times larger than the previous record, which came in february with tictoc. issues on that popular

teen video app. you have a lot of people saying this isn't really going to make a dent in google's business practices, but it is certainly setting a record for this particular space. taylor: you're taking the flip side of this. give me your breakdown. what do you make of the fine and the ruling to limit some of the ads and commenting on children's videos? >> thanks for asking. is 30 laid out, the fine times larger than any prior fine under this. what surprised me so much was that the fact that the ftc was even able to extract this fine, given the fact that the ftc has gone well beyond the statutory limits of what the law allows. essentially, youtube is a general audience website. every user on youtube says that they are over the age of 13. the terms of service say if you are under the age of 13, don't use youtube, you can't use youtube. so, there's really no there there for the ftc to bring this

action. i think it sets a really dangerous precedent going forward, by suggesting that the general audience website is now going to be decided by the ftc to be a child directed website and subject to this law. i would say for anyone who operates a website talking about harry potter or the avengers or anything that could possibly be related to children, they need to be worried that the ftc may be coming for them next. taylor: carl, to be fair, we've gotten a lot of pushback from some of the members of congress. we have a tweet, of course, was senator ed markey, who saying that youtube knowingly broke federal law. they are tracking kids in order to rake in advertising dollars without permission from parents, but the ftc let google off the hook with a drop in the bucket fine, not a single google executive or investor will bat an eye. carl, what do you make of that

and frankly the reaction from senators? carl: senator markey should know very clearly what the law does and doesn't allow, since he helped write it when he was in congress back in 1998. under the law, there are two ways you are subject to being under this. you are a child-directed website or you knowingly collect from people under the age of 13. youtube did neither of these in this case. so, i think for a lot of people who are saying it's not enough, i think for a lot of those individuals, it will never be enough. i think that, for them, whether or fine was $170 million $170 billion, it will never be enough for people who just fundamentally dislike these platforms and their right to give us free services. taylor: ben, what do you make of the end of that tweet that said not a google executive or investor will bat an eye? what's the read-through to other

competitors? ben: the market certainly shrugged it off. google was trending up a little bit all day. the youtube ceo did come out and outline some of the changes that they are making. this, aless welcomed little bit of a chastened tone. this was something they were ready to do after some consultation. i do think it is important whta c -- what carl is saying. youtube was going to its advertising partners and saying, look at all this children you will be able to reach on our website. it does seem like there was some knowledge there that the ftc was able to demonstrate in its complaint. the question is, will they be able to demonstrate that in the example of an over-the-top streaming service. that's essentially the same thing, a company that provides a platform and then you have content creators who are able to appear on that. if one of those is the studio

that's putting out "harry potter," does the streaming service need to worry? same thing with the connected device. do they need to worry if some of s, butapps are kids app it's generally a smart speaker that is general audience? taylor: i imagine you will keep us apprised of all the developments. carl, ben, thank you for joining me. i want to stay with google here, because there's another story that caught our eye. the tech giant and its industry allies are making a bid to water down the first major data privacy law in the u.s. according to documents obtained by bloomberg, the companies are seeking to carve out exemptions for digital advertising. a lobbyist for google recently distributed new language to members of california' state legislatures that would amend the california consumer privacy act. as currently drafted, the law limits how google and other companies collect and make money

from user data online. it is due to kick in in the next year and there are only a few more days left to amend the law. to discuss, i'm joined by our next guest. thanks for joining me. put simply, we know why they want to water down the law, frankly, because that's a big source of revenue. my next key question is, are so. this has been a debate that's been going on for years now, and it's just now struck the california legislature because of this first data privacy law in the united states going through their corridors. for the last couple of years, they have been insisting that there need to be exemptions for targeted advertising, in order for them to maintain this very lucrative business model. so far, their attempts earlier in the year to pass legislation to create an exemption was installed in the senate judiciary committee, and now this last-minute effort, they

have yet to find a sponsor to push it through. that doesn't mean that this argument is over, even if it doesn't succeed in getting to an amendment phase and signed by the governor by the end of next week. there's still the end of this year and the first six months of 2020. they could wrestle away some sort of exemption to legalize the targeted advertising. taylor: any specific exemptions or changes that really stood out to you? >> there's a couple that are interesting. all of this relates back to how they aggregate your data. according to this ecpa -- the c cpa, much of it cannot include personally identifiable information. google is looking for ways to collect data through your browsing habits that don't directly tieback to you as a person. one of those ways would be to collect data on a website where you visited, and then to analyze

that under a pseudonym. what they would then be allowed to do is take that data and arhaps distribute it to competitor of that original website for them to use and monetize. or just broadly speaking, they want to change very small sections of language, like, this business purpose is defined as, to instead say this business purpose is defined to include. that provides some leeway for business practices to include what they need them to include in the future, with less regulatory oversight. taylor: bloomberg's kartikay m ehrotra, thank you for joining me. coming up, apple begins to borrow. the iphone maker heads back to the bond market. we will look at why. technology" is

livestreaming on twitter. this is bloomberg. ♪

taylor: what do you do when you have nearly $200 billion to sit -- just sitting around? if you are apple, you go back to the bond market. for the first time in nearly two years, the iphone maker is raising money via high-grade bonds. the offering is coming in five parts, the longest of which is a 30-year security. to tell me more, we are joined by bloomberg's molly smith. frankly, why? they don't need the cash. molly: so don't a lot of other companies that have been in the bond market this week. one investor told me this perfectly. kind of company you want to lend to is the company that doesn't need it. that's why apple always does so

well in the bond market, especially when they are coming to fund what is largely anticipated to be shareholder returns. bond investors don't want to give money to shareholders, but apple is such a good company to invest in. they keep lending. taylor: if you come into my terminal here, one thing you will say is cash -- see is cash, more than $200 billion, and some of the debt outstanding. when we talk about use of cash, you mentioned shareholders. how much of this would be going to pay down debt or fund future acquisitions? molly: they don't break out the terms for us. it is just general corporate purposes. it could be any of those three, capital expenditures, anything under the sun. it makes a lot of sense if you apple, wheny like you are looking at a 30-year bond and what the interest savings will be compared to their outstanding 30-year debt, it comes out to be more than $7 million saved annually in interest expense. taylor: i wonder, this is sort of a broader question, but it

pertains to apple. they're high -- they're high-grade. we've heard some of the low-grade companies are doing well. your aa, aaa bond is frankly 0%. flooding into the high-grade area. is there still demand for a aa apple bond? molly: everywhere, yes. i think i've heard the books on this were up beyond $20 billion for what they were doing. this is very well subscribed. when you just look at the broader macro picture right now, and all that negative yielding debt that's in the world, nearly $17 trillion, apple bonds look great compared to that. taylor: we have it on the screen, the different trenches -- tranches. any idea if an investor would be willing to go out 30 years, or is there a little bit more

demand shorter in on that duration, given that we don't know where the fed is going from here? molly: we did see this price already, and it looks like there was a lot of demand skewed toward the longer side. billion wason of $7 on the 30-year side. taylor: they come to market -- they haven't come to market in a few years. how do spreads compare now to the last time? molly: it's about all in yields in this case, because treasuries have just rallied so much. while spreads have been fairly flat so far this year, when we've seen a rally in treasuries because of all those macro headlines with the trade tensions, with the fed expected to keep easing, that's made all in yields so much slower. that's why we've seen issuance longer out the curve, where the 30-euro has come down so much.

-- the 30-year has come down so much. taylor: we are looking at 30-year option adjusted spread. you take out the options and this is basically what a 30-year bond price has done. apple, maybe just a lower rated a apple, maybe not as good as lower-rated peer. molly: i think that when you are looking at this on a spread basis, it can be a little harder to see the whole picture, just because so much of what we see so far this year in investment grade, it's been really all about the treasuries rally. that's why investment-grade debt has been the best performing asset in fixed income this year. returns of 14% last year, down 2.5%. this is a massive turnaround, and treasuries are demand for that. taylor: thank you. coming up, 2020 elections are

around the corner and big tech is looking to ramp up its security. we take a look into the meeting at facebook headquarters with the fbi next. this is bloomberg. ♪ is bloomberg. ♪ devices are like doorways

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taylor: this is "bloomberg technology." the trade war between the u.s. and china has finally hit u.s. tech giant apple. tariffst trump's 15% were injured in the federal register friday, dragging the world's largest technology company into the fray. some investors are now looking to software to hardware. some say tariffs are having less thant on ip spending

originally projected. >> compared to the headlines versus what is actually happening, what we have seen is that tech spending has not been that significantly affected. and a lot of that has to do with where we were in the tech cycle. tech is infused in the economy now, infused in our work lives, in the infrastructure and how we entertain ourselves, so what we there was a huge data center buildout. the server spending, storage spending was really high. infrastructure spending last year was 25%. it really muted overall spending impact associated with tariffs. what was all last year was about 9% growth overall. taylor: where are we in that cycle now? are we in the cycle where we

could still start to see tech spending, or are we starting to see some uncertainty really start to play in? >> yes, it's interesting. we're starting to see that shift. customersrting to see start to lock up a little bit, saying we cannot run our business by these little bits of information that come out. we have to be able to understand the long-term impact of imposed tariffs going forward. what we have seen is that we are starting to see a deceleration and we are seeing a deceleration in spending overall, but it's primarily that we are seeing the customer start to take a pause, but we are also starting to see that that infrastructure buildout -- customers are starting to take a step back from that. our expectation for spending this year is somewhere between 4% and 5%. talk about

customers, there's hardware and software, and it appears software for a little bit has been relatively insulated compared to hardware. is that accurate? >> absolutely. it's really interesting and we have to remember this as a service economy and what the long-term impact is. it really becomes something that impacts are much more muted. you can definitely say to your employees, we are going to make you have your pc's for five years and that of four years. were going to push another foure out years. we're definitely seeing hardware is the first stuff that gets muted. something that really gets muted. it's not that hard for consumers i'm going to wait another year before i buy another smartphone.

>> where are you seeing chinese hardware companies start to slow down? >> this is a fascinating trend. when we look at the overall i.t. spend, about half of china's i.t. spend is associated with hardware products. in the u.s., the number is closer to 20%. what we call the sort of top of the stack, the applications, the areases, listings are not compared to the bottom of the stack like assembled hardware, but in the most recent quarter, we saw some fascinating trends. if you look at the china server market, you are seeing this move toward nationalism. huawei up 19%. dell down 23%. you see that this is the server

growth in china, the chinese vendor that is getting favored by the local economy. you see in storage the same kind of thing. the market in china was up about 7.8%. what you are seeing in china is brandsu see the local are the ones being supported even through -- either through government directed contracts or through companies that are relatively close to the government and want to buy the national brand. >> on the flipside of that, our makersu.s. software relatively more insulated because we are not getting the impact of hardware that has been most affected to date by tariffs? >> they are. u.s. software companies in particular are in a really nice spot in this whole trend because there are not chinese competitors, per se. as well, it is very, very difficult for them to see sort

of a significant impact because of this software as a service buy we have seen over time. we have seen a lot of the large service providers in china start to resell western software to global multinationals in china. i was there a few weeks ago and saw some deals that happened where you are seeing western software brands being sold by service providers to companies in china that want to buy western software. that has the impact of commuting piracy and the seeing as much privacy because you have to buy it as a service legitimately, so they are absolutely inflated. taylor: 2020 election security was the subject of a meeting between facebook and google executives and members of the u.s. intelligence community. this is according to a person familiar with the talks. with the details, i want to go to kurt wagner in san francisco. any idea what was said in that

meeting? kurt: we're told the conversation was basically to prepare for 2020, start talking about the biggest threats these tech companies and intelligence agencies might face and also to set up some kind of plan so that can comeferent sides together and have a more open line of communication. after 2016, when we found out that russia started to use facebook, twitter, and others to spread misinformation and so to send among voters, we started to realize that these tech companies and the u.s. government were not talking much during this process. process is establishing lines of communication and making sure if this does happen again ahead of 2020, everybody is on the same page and prepared. taylor: you mentioned facebook and twitter. we also know that google and microsoft executives were there as well. any indication what their role would be in that as well? kurt: google obviously owns youtube.

that is a main way that a lot of people spread entertainment videos, but also news and information and we have seen a and thingsl hoaxes go on to youtube and get spread far and wide. when you look at that, when you look at microsoft with skype and other communication services, i think you bring these companies large userat have a base and a large technology base of services people use to communicate and spread information. that is the biggest concern that i can see, they are worried stuff is going to get onto these services and spread like wildfire without being able to be contained. taylor: would you expect any real piece of information to come out of this, or did it feel more like a planning meeting? kurt: the way it has been described to us by multiple people is really just a planning meeting at this point. of whatll pretty aware facebook has done in terms of taking down coordinated campaigns that originated in

countries like russia and iran and even china just a few weeks ago. i think there's a lot of people who feel they have identified the potential culprit when it comes to what foreign governments might try to influence the u.s. election, so i don't think it is necessarily the they are trying to find actors in that sense. i do think, though, there will probably be more detailed conversation around what specific networks of people within those communities might be a real threat. taylor: we know relationships between big tex and u.s. intelligence and security officials have been strained to say the least -- between big tech and u.s. intelligence and security officials. repairey been efforts to those relationships? kurt: one source described it to me as a chance to come together and talk about shared goals, the idea that everyone is on the same side and everybody wants an election that runs smoothly and ofs not have any issues foreign interference.

i think part of this is about kind of showing people that these two sides are coming together to work together, and again, i mentioned this earlier, but that was a huge problem in 2015. not everyone was talking with one another. a big part of it is simply a demonstration that everyone is on the same page. as we hadfirst step ever closer to that election. coming up, taking on tesla. porsche powers of its own electric sports car, but will it be enough to power past the model three? we have that coming up. this is bloomberg. ♪

poshm: fashion retail app ark is delaying its ipo until next year to focus on boosting sales and improving execution. it's a resale play for second in -- secondhand high-end clothing. at one point, the company had hoped to go public this fall. what she getting into the electric car market -- porsche getting into the electric market . it's a vehicle will start at a cool $90,000. the top price, nearly double that. hopes company volkswagen this will help cement its ambition to be the world's leading seller of battery-powered vehicles. matt miller caught up with the ceo of porsche to see what is under the hood. >> this is an exciting moment after to present the car

a four-year engineering period. .e have a lot of preorders in the last week, they went from 20,000 to nearly 30,000. we are really proud of it. mention what will happen in the market and what will be the response. matt: they trust your design language and the dynamics of porsche. what can you tell us about the dynamics and the build of the car? firstk you are the automaker to build a car at least partially with a promissory note. how do you make that work? calculation,d the electric automobiles have a much higher material cost, much higher investment to put in.

we asked all the people in porsche to help pilot the bought aso everybody to be able to finance the product, beginning with boardmember's to all of our people working on the product. in the end, it was successful. carg able to produce the is.e the heart of porsche is matt: will you always make the car in stuttgart or in germany? is that something the customer demands? >> for our brand, it is very designed, having cars built, and engineered in germany.

thought to go to a new era, we should do it from where we 2065, connecting our traditions with our future. matt: this will likely outsell -- the 911, and the starting price is about the same . do you have to sacrifice a lot of margin for that? >> later on, we will come with in the areaoducts of 100,000 euros or dollars. we have built a good margin. with a lot ofcan

potential in future for innovation but also for economic scale. taylor: that was porsche's ceo speaking to bloomberg's matt miller. detroitad on over to where our auto reporter is standing by. the photos look incredible. how cool was this new electric vehicle? nailed the cool portion. been widely anticipated, and they made a big show of it. give youhere to niagara falls, but it represents company is taking on the future of the auto industry, and they are really in one sense partially decoupling

from the gasoline engine, which has gotten them where they are of electricidea vehicles. they are basically saying in the next six years, half of all vehicles will have an electric plug. taylor: talk to me about the price point. starting at $90,000, it is almost triple tesla's model 3. are they going after a different customer, or is the price point something tesla should not be worried about? >> it is more a direct competitor to the tesla model s. in fact, it costs more than that. you're talking about north of $100,000 for the taycan. the model s has variations, but it's about $100,000, give or take. it's a much more high-end vehicle, a bit more niche, clearly for a wealthy buyer. the model 3, the premise was

more of a mass-market vehicle. it is still very pricey, but this is more in line with porsche's strategy of being a luxury vehicle maker, and it's going to be interesting to see if it can take on the model s, which is an older vehicle now. it mean for does volkswagen and future plans in the electric vehicle market? >> it does represent kind of a beachhead. itsas a settlement for diesel scandal, then building up infrastructure for charging stations across the country. building thely infrastructure to support vehicles like this. clearly, they are leveraging that. i guess in some sense, this is kind of a down payment on that

future. so unclear how much demand for electric vehicles there is, particularly in this country. clearly, for some high-end buyers, it does have a certain as you and the taycan, mention of the outset, it's a very sexy car. taylor: you mentioned this country, and largely the electric vehicle market is based in china. how concerned are some of these automakers that chinese electric vehicles just this week alone fell for the first time since july? >> it is a big issue because i think the industry was counting on china to lead the way. it has to accept that as part of an overall downdraft in chinese auto markets, not just electric vehicles, but certainly it has thrown some water on the idea that china's growth is just going to keep powering industry, particularly in the electric vehicle space, and i think it may give some industry

executives pause about how aggressive they can be in debuting the product and depending on the chinese market to be there. taylor: wonderful. chester dawson hopefully getting a test drive. thank will -- thank you for joining me. still ahead, gold is on the ..se what does this mean for the future of cryptocurrencies? tells me next on bloomberg. ♪

businessmannadian is well known for financing everything from films to mining companies. he founded production company lions gate entertainment and amassed a fortune building the company that would become goldcorp. recently he has become interested in another form of gold, and that is cryptocurrencies. he funded blockchain technologies. bloomberg sat down with him and

asked the state of the crypto market. take a listen. >> i was curious about that sector. i really thought that there was a place, and i still believe there is a place for cryptocurrencies, including bitcoin and ethereum, and all these things. my only concern with cryptocurrencies is that -- and this is a personal opinion and i said it to many of my friends -- if cryptocurrencies ever become a threat to any sovereign berency, they will eliminated somehow. you cannot eliminate gold. it is there. it is physical, global, and has been around for 5000 years. it is true money. there is a difference for me between crypto, which has a little bit more risk than physical gold. >> that idea of for a while there, because gold was not moving anywhere quickly, in the mining world and in the world of raising capital, and of people got excited about the idea of startups orng

financing that. is that sentiment changing because of this rapid rise in gold? >> i think it is changing somewhat. i think the main reason is changed for cryptocurrencies is they came out so high. we got lucky with high. we happened to launch at a when bitcoine proved what it was work. what we did which i thought was the intelligent thing to do in that environment was to raise a lot of money and buy a lot of the mining operations. raise about $200 million and put it to work, but the fact that crypto peaked at 19000 and collapsed immediately, took everything down with it. d davidson its price $185. on roku to

analyst tom forte affirmed his buy rating saying he has increased conviction in the exploit theility to billions being spent on proprietary content. he noted one in every five u.s. households had a roku-run set in 2018. the streaming hardware company sinceared over 500% december low. that does it for this edition of "bloomberg technology." "bloomberg technology" is live streaming on twitter. check us out and be sure to follow our global breaking news network at tictoc on twitter. this is bloomberg. ♪

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paul: welcome to "daybreak australia." ophie: we are counting down to asia's major market opens. ♪ paul: here are the top stories we are covering in the next hour. three and out -- boris johnson's ailed bid to trigger snap election. hong kong protesters returned to the st