>> from the heart of where innovation, and money buying, from silicon valley, this is bloomberg technology with emily chang. ♪ emily: this is bloomberg technology. in the next hour, amazon under the ceo, the giant falling short of estimates. we will talk about the post-pandemic future of amazon.com.

plus robinhood out with a muted day blue -- debut, closing be out the ipo price which landed at the bottom of their initial pricing range, i will speak to the ceo and have his reaction. -- >> it was a positive day, light volume but i wanted to start with that golden dragon index. chinese adr down once again, the momentary optimism is coming out of china, perhaps there was a turnaround in regulatory scrutiny. we saw drop down about half a

percent, not as bad as the past couple of sessions but not great. the nasdaq index -- biotech index down as well, broadly tech did not do great. i also want to mention bitcoin flat on the day, the risk-taking ability not so green today. want to show you the earnings because that is where a lot of the action happened, after hours in particular. let's start with amazon the top. you start to see that 7% decline, this has to do with.net sale. not only is there a miss -- do with that net sale. not only is there a miss, but this is a miss -- if you are a man tech company, a miss with your earnings, if you are spot on you have to blow the numbers out of the water for investors to catch that bid. a similar decline here, you start to see them not just not meet expectations, pinterest act -- actually lost some users, the

broad story seems to be in some of that pandemic related room in tech and social media, some of that might be wearing off. emily: let's bring in the cofounder and president and amazon veteran, good to have your perspective. in the first quarter, the reported under her, but they were not ceo for much of the quarter they were reporting on come up what is your take on this post-pandemic shopping outlook and not living up to expectations? >> great to see you, emily. i think it is really interesting. one is i think there is a stronger return to brick-and-mortar, we heard from some of our clients saying it is stronger than what is expected for this quarter. there is also more options than ever before. retailers are catching up, there is more competition with curbside delivery, pickup options. there's a lot of that going on. and amazon obviously knew there would be some softness here,

they had prime day in q2 and usually it is q3. that will affect sales. an interesting thing i noticed in the earnings is one of the goals of prime day is to gross inscriptions, prime subscribers, and that was softer this quarter as well, only up 28% versus last quarter it was up early for percent. -- 34%. competition, return to brick-and-mortar, things like that. emily: when you think of the ceo? he is taking over after a legendary one. i'm curious what you are hearing from former colleagues that still work at the company about what they would like to see. >> well, the interesting thing about andy, he is really well known at amazon as an executor, an excellent executor. also with a deep u.s. -- a ws dragging, you see his profit was great, topline sales am a we are going to continue to see that focus on profit. emily: the other question is

jeff bezos and his role as executive chairman going forward. we were in texas last week watching the watch, it was surreal to be on the ground in that moment. a lot of people were not happy he was spending his money and time doing this at all. how do expect him to be involved in the company in that role? >> one great thing about jeff bezos is he is the innovator and the creative person. that is a little bit of the concern with andy and dave clark, they are known as executors, if clark -- dave clark more on the supply chain logistics side. i do think jeff bezos is on the innovation side. hopefully just in not having to deal with everyday issues that andy is going to have to deal with. emily: what are your expectations for the next five months, before the end of the year, as we move into the holiday season and typically a

big holiday season for amazon under jeff bezos as executive chair? what are you watching? >> i think one thing we are all watching is the looming capacity crunch. they've already said they're going to be short 5 million, 5 million packages a day. that's going to be a huge constraint which it is great that dave clark is there to focus on the logistics. i think we are going to see a big crunch with supply chain and capacity. i do think competition has never been greater than before. there big huge issues on delivery time, grocery delivery, they went everything within 30 minutes. the times are getting greater. but i think that's going to be their main focus. emily: i noticed that too, and some things are just not in stock and i'm like, why? melissa burdick of pacvue, thank you for

stopping by. and telco beating wall street estimates, indicating the company's lead in ig capacity over verizon and at&t. i will be joined live by t-mobile ceo mike. next, we will hear from robinhood ceo vlad himself about the company's less than attacking her market debut and his vision going forward. this is bloomberg. ♪

emily: a big yet muted day for robinhood as it hit the public architect, slipping below the

ipo price where it began trading, ending the day down almost 8.5%. investors watching for any sign of what is behind the drop. with us for more, sonali, was this the regulatory changes this week? or was it something else? sonali: as you know, this 8.4% drop is the worst debut for robinhood -- an ipo of robinhood size or greater, uber was considered a major lock on the david's listing as well. it had a much bigger retail allocation and there would be volatility in the stock, sources are saying this was a lot and there are also questions around the pricing itself. did they prices too high to begin with? -- did they price this too high to begin with? we also spoke with someone from the nasdaq and they said it was difficult to

tell whether it was the retail investors or the employees able to sell, 15% of employees and others were able to sell on the front end. also a lot of tech firms watch your show closely, investors may be getting a little fatigue when it comes to these ipos and we may experience a slowdown in august. i got to say that is very different from what i've heard from capital market bank, our colleagues around the world are seeing the same thing, we will see what this means for robinhood in the following days in trading. emily: it is interesting because i think about airbnb's ipo, doordash in the middle of the pandemic and those doubled on opening day and everyone thought the timing was horrible. sonali: it was directed listing, too. you can blame the innovative approach. this was innovative and people want to innovate a little more. emily: thank you for your coverage that the day, appreciate it, it has been a long journey, high highs and low

lows. i spoke with the ceo of robinhood from the nasdaq before shares started trading. vlad: it's a surreal moment, it is really humbling that six short years after we launched our product to the public we have over 22 million customers and we are on this journey with our customers. we are allowing them to participate in this. emily: and you said you would allocate 20 to 35% for robinhood's own users, somewhere in the range of 20 to 25%, still one of the biggest allocations ever. how did you get to that number and are you concerned about volatility? vlad: we certainly are proud to have one of the largest retail allocations ever, and the way that we think about it is it is a long-term focused company. we are making decisions and big bets on what the long-term

interest in the business is and volatility comes and goes. we are not going to be commenting too much on daily fluctuations of the stock price. emily: the retail movement, though, is a phenomenon, the meme stock movement. in looking at social media, there are strong feelings about what robinhood represents. you think about gamestop, amc, do you get worried about robinhood becoming a target of its own users? vlad: we're not really thinking, again, about anything that happens in the market, especially in the short term. the goal is to keep making great products, to keep improving the service. and keep growing with our customers. i think we have seen certainly finance become more important, and the retail investor becomes much more important within investing. that is something we think will

continue. emily: you live-streamed your roadshow to the public, he said more products are coming -- you said more products are coming, maybe even retirement accounts like iras. when should we expect those things? vlad: one thing we are excited about is turning first-time investors into long-term investors. you can see that with some of the recent products. it's hard with fractional shares but we build on that foundation with things like recurring investments, where if you are a customer, you can put in in order to buy a particular stock or etf on a regular basis. we are going to continue investing in that. we are seeing really good adoption and we would like to see a large portion of our activity be long-term investing in the future. emily: i know part of it is the decision to move beyond trading. what other products and features are in the pipeline? vlad: we have certainly our cash management product, which is customers access to high-yield

savings on their own investment cash, as well as a debit card with a large network of atm's. we have been happy to see that product progress and we are investing more and more in that as time goes on. of course on the cryptocurrency side, we certainly have seen cryptocurrencies become an asset that customers onto to get into. and becoming just generally more part of the culture, especially in 2021. we are hearing a lot from customers that they want more functionality and they think we can serve them in better ways other than investing their cryptocurrencies. we are excited to keep developing that. emily: robinhood disclosed two new regulatory examinations this week, one that the sec and others were asking questions about robinhood employees, things like gamestop's, the others that you and your coworkers bought are not registered. why is that? what should

investors know about these? vlad: i am the ceo of robinhood markets, which is a holding company, and then we have several subsidiaries robinhood financial, which is our introducing broker, robinhood security which is another broker but a clearing broker, and robinhood crypto, which is licensed in a money services is this. each of these entities has leadership that is licensed, so we feel pretty good. of course, with any investigation or inquiry, we are a business, and as any large business, that is going to be scrutinized. we expect that and we should expect all of our important institutions to withstand and hold up to scrutiny. emily: speaking of that, the sec is also reviewing payments for order flow which is a huge part of your business, morning --

more than 80% first quarter revenue. how big of a risk is that and how do you evolve to not be so reliant on it? vlad: the thing that you have to look at transaction-based revenue is it is actually well diversified, pretty well diversified within that segment. it is actually three different things, we have our equities business, where we accept the flow, our options business, and cryptocurrency where we have rebates from market makers. cryptocurrency has been becoming a larger piece of the overall transaction base of revenue. we do continue to diversify over time, both outside of transactions and within. in general, we are proud of the business model we have introduced. we have saved, we have put lots of money back in customers pockets, and that is going to be a big part of what robinhood stands for and what we continue to do with future products we large. emily: right now, your shares

still indicated to open at $38 apiece, this would give the company a diluted value, $33 billion, it is a huge number. you told me earlier this year you wanted investing to be as ubiquitous as online shopping. you want to democratize investing, not only institutions and wealthy people can have access to it, but to the skeptics out there, the regulators who are concerned about robinhood glorifying gambling, how do you plan to prove to them that is not happening, that that is not going to happen as a public of any -- company? vlad: let me tell you about our values. our top value is safety first, and that is indicative of how we are allocating our resources as a company. it's not just a poster on the wall, but if you look at things we are spending our energy and time on, it is making sure our service is reliable, we are there when customers need is the most, we provide timely customer

service desk support that is high quality and -- service that is high quality and we provide education. we have been putting a bulk of our resources for these things because we want our customers to be in the best possible position to succeed. emily: speaking of crypto, there's a lot of volatility there, and you have said it is vital to the company's future. how do you apply that safety first principle to crypto? how big of a business will the crypto business be as part of the overall pie? vlad: we would like it to be, to obviously be a larger part of robinhood going forward. but we expect our other businesses to continue growing as well. we are investing money in crypto, of course we are investing money on the core brokerage side and making cash management better and better, and helping customers spend and save. i think there is a lot more to be done across the board. customers are always asking us for more functionality.

they want us to deliver more value to them. and it is just a pleasure to keep rolling out products and keep littering value to customers. emily: that was my conversation with robinhood ceo vlad tenev. coming up, the founder of nikola in court after being charged with making false statements to investors. we will find out what he said ny prosecutors say his claims don't start up. those details next. and we want to take a look at how disney shares ended the day, the company is being sued by actress scarlett johansson started in the latest marble installment, black widow. she is accusing dizzy -- disney of breaching her content desk contract i releasing the film on disney plus and in theaters of the same time. this is bloomberg. ♪

emily: shares in the electric truck maker nikola plummeting 16% stake, founder and former chair trevor milton appearing in a court after being charged with misleading investors. the indictment claims he made false statements about the product and technology. we are outlining one of those claims. >> milton claimed number one, which is -- one of the early prototypes in the business could be driven, when in fact, the closest it came to driving was when a group of nikola engineers got to the top of the hill and rolled it down for a commercial. emily: joining us is ed ludlow who is reporting on the company that was cited in the

indictment. talk to us about the charges. ed: they claim that trevor milton over the course of the year between 2019 and 2020 when he stepped down, he essentially lied about all aspects of the business. he said the company was producing hydrogen at a significantly lower cost than others, and in fact, according to this indictment, they weren't producing any hydrogen at any cost. they were developing the technology and the trucks. they could not do what he said they could. emily: or even move forward according to what the prosecutor said. ed: that was a reference to a report we did last year, in 2016 he had a coming out moment, he stood on stage with a truck behind him that he said was fully functioning, even joking they had to chain it down to stop people driving offstage. but according to sources, there was nothing in the truck, none

of the parts he would need to make it work, and what the indictment said is that bloomberg report was accurate, we got it spot on but what is more shocking is that he texted with executives after he tweeted , dismissing the bloomberg report and then texted a board member to say his tweet had been supported in the share price, which is the other part, it's about supporting the stock. emily: what happens next? ed: a $100 million bail bond tied to his home that he owns in utah. he pleaded not guilty. that is not a huge surprise to those that follow trevor milton and the committee based on his prior behavior. he will take time to go to trial, he issued a statement saying he is in his -- innocent and he expects to be exonerated, and all executives should see it and be shocked. but member, this is not just

prosecutors, there's a parallel complete, criminal and security charges. emily: still a new company, the ceo, how is the company doing and how are they responding to these charges? ed: the share price has been on the wild ride, i one point it fell 5 billion, the company scale back its ambition after trevor milton resigned. it is making slow progress. i'm hearing sources say they might get back to -- get to a battery electric semitruck, there's a prototype, they're building a factory in arizona, but it is not revenue generating. they have big's -- partners, but they are far away. emily: keep us posted on how it plays out. coming up, and disciplining -- a disappointing debut for robinhood, the ceo calling this appearance -- experience humbling. vlad: it is humbling that six

short years after we launched our product to the public, we have over 22 million customers and we are on this journey with our customers and allowing them to purchase a paid in the offerings. ♪

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emily: welcome back to "bloomberg technology." i want to get back to the days market moves, including one of this year's biggest ipo's, robinhood hitting the nasdaq. kriti gupta back with us. kriti: let's look at the intraday charge. when you see this downward trajectory, the ipo price was $38. you saw this become a flop by all definition. this came down 4.8%. is this that one day trading debut? can it turn itself around? uber being a famous one. i want to show you the other ipo flops of this year. this might not be a robinhood specific phenomenon, this might

be the massive ipo boom we saw earlier in the year starting to fade. some of these recent ipos have all been underperforming. a company in the u.k. down year to date. didi down 30%. on the one hand, this might be an early first a price action, but if it falls in line with other ipo's, this may be the start of a longer-term trend.

emily: i want to talk more about robinhood. despite shares falling after going public, the offering delivered outstanding returns for early investors in the trading app. they include index ventures, rivet capital, their stakes combined now with $7.4 billion post ipo. a partner joining us from the nasdaq. given that you have been an observer on the board for this journey, talk to us about how far they have come. it has been a long road with ups and downs. >> like any company, from the early creation to this monumental milestone, there will be a lot of ups and downs. especially in the industry we are in, there will be even more high highs and the lows can be pretty tough. overall, it is an incredible team with an important mission. it has been a wild ride, but incredibly rewarding.

emily: i know it is still a $30 billion company, but shares priced at the low end of the range and sell below that ipo price, is there any level of disappointment here that it was a more muted debut? vanessa: no, i think a $30 billion valuation is a great start for the company. i am very excited about the prospects of everything we have coming down the pipe in the next few years. it's one day. it's just a moment in time. i think the future is exciting and i continue to be excited about the company. you talked a lot with the team and the founders. i think they are exceptional. we are all soaking in this moment. it's been quite a day. emily: we heard a lot of opinions today about the timing. some say they should have waited for some of this regulatory

scrutiny to pass. do you think timing had something to do with where we ended up today? do you think it had something to do with the retail allocation, which was bigger than any company in recent history, or was it something else? vanessa: i'm not one to speculate on public markets. i'm an early stage investor. regarding timing, for all the companies i work with, timing -- when we looked at the overall picture of where the company is and where we think it is going, we wanted to let in the leto customer earlier rather than later, because we know a lot of value gets generated when they get to be part of a company

earlier. there were a lot of different things we weighed, but the timing was what we wanted it to be. emily: when you look at the future of the company, vlad talked about new products he want to launch, how crypto is a bigger part of transactions, not relying so much on trading, but other products. how do you see the product evolving in the years to come? vanessa: the really great part about working with this company is they are extremely focused on the user. they spend a lot of time talking to their customers, focus groups, surveys, one-on-one conversations. through that, we tease out, what are the things they need, what are the things they are asking for? how do we put a robinhood spin on it? how do we make it different than the things that exist today? how do we innovate in a system that has not been innovated on a whole lot in a few decades? it is evolving. we keep launching new products

every year. all with the intent of making our customers successful and happy. i think you will see a lot more of that in the coming months. emily: every time we do reporting on robinhood, i get a ton of replies on social media. there are people that still feel burned by what happened in january. there is a lot of anti-robinhood sentiment, even if these people are still using the app. you know vlad for a long time. we saw the video of vlad ringing the bell with his daughter on the nasdaq. give us some perspective on where they are coming from. i think there are some users who feel like they were cheated in some way. perhaps that was not the intention. vanessa: definitely not the intention. i think you can't find founders that are more focused on making

their customers happy. it was hard to see the criticism go in that direction because they care a lot. i think they did everything in their power to abide by the regulations that we have in place, for a lot of good reasons, and to do right by their customers. it was a once-in-a-lifetime -- it was unprecedented. the way we maneuvered around it was constantly with the customer in mind. it's hard to see the criticism. it's hard to hear people don't feel like we did everything we could for our users, because i can tell you behind the scenes that was the core of focus. emily: as vlad told us, it's not about day one, it's about every day to come. we will watch how the company performs and develops in the years to come.

t-mobile out with its latest results. i speak to the ceo next. this is bloomberg. ♪

emily: t-mobile reporting earnings after the bell, beating sales estimates for the second quarter and raising its forecast for subscriber growth. for more on the results and competition with verizon and at&t, i want to bring in the

t-mobile president and ceo. i know you just got off the call. this is a mature market, yet you keep adding subscribers. how is that possible? mike: this was the best quarter in our history when it comes to new postpaid overall billing account relationships. 349,000 accounts. our strategy here is to build the best 5g network and make that famous and have customers find their way to it. we are years ahead of the other guys. there is a transference with this vibrant economy from the prepaid sector. you saw lots of losses from brands contributed to the postpaid market. for us, it is getting our value proposition in front of businesses and consumers and having them switch to t-mobile. emily: you will be giving a keynote at ces.

we will be watching that. t-mobile has been touting 5g as a differentiator. how big a role is 5g playing in customer choices for you? mike: one of the big questions everybody asks is, okay, 5g is faster, but how will it change my life? we want to talk about that. there is so much incredible development happening across the ecosystem to take advantage of 5g networks. i back up to 2010, when 4g just came out. the biggest companies in the world like facebook, google etc. pivoted their strategies around 4g. so did small companies and garages that became unicorns. that is happening with 5g. this is a network capability that is eight times faster than 4g. our ability to get after home broadband and welcome millions of users without having to deal

with their cable companies. that is an amazing use case in and of itself. emily: you talk about how much 5g coverage you have, but how many 5g customers do you actually have who have 5g enabled phones and are using the network? mike: it's growing rapidly. we have a higher number than what we heard verizon disclosed earlier this week. we did not disclose our number other than to say it is growing rapidly. we want customers on 5g as quickly as possible because we have the best 5g. it is contributing to the lowest churn in the industry right now. that means people are not leaving us. they love this network and value proposition. we saw the biggest overall churn improvement from q1 to q2. it is important people get this technology and see what it can

do. otherwise they are just going on reputation. if you look back at the 4g era, verizon had that crown. our big job is to make sure everybody knows we are the big leader. emily: t-mobile has some of the cheapest plans, but also some of the more expensive plans. can keep up, or does something have to give? mike: at t-mobile, it's just a choice. we have unlimited plans -- on our prepaid plans at just $25 a month. we have marquis offers, like the industry's best unlimited plan. if you really look at the fine print on so many on the minute offers out there, it de-prioritizes you after you used a bunch of data. this is magenta max at a higher price, the true unlimited plan, may be the best unlimited plan in the country when you factor in it is on the nation's fastest and most available 5g network.

emily: there is this trend with free phone promotions. t-mobile is dabbling in that. do you think that has gone too far? mike: when people look at this industry, they see the promotion du jour and ask that same question. i have been getting questions since 2013 about whether or not the industry has gotten too competitive. no, it has always been competitive. the nature of that competition changes over time. right now it is phone deals. all the carriers are focusing on higher end plans associated with their best phone deals. right now we want to give you samsung galaxies and iphones for a great deal. that is what customers are looking for. the nature of competition changes. the extent of it, not really. emily: when you started this journey at t-mobile, the reputation was you did not have

coverage in farther flung areas, complete coverage across the united states. how would you say that coverage stacks up now? i am asking you as a t-mobile customer, full disclosure. mike: we were a distant fourth. we were famous for taking care of customers and having the best deals. now that we are the best 5g network, we have a ways to go to convince people of that. a few years ago, we were not the best network. now we have this amazing opportunity. we are laser focused on making sure everyone understands, whether through word-of-mouth, through advertising, through getting customers those 5g phones, because as of today we cover 305 million people with 5g. half the population with ultra capacity 5g, the good stuff. 350 megabits per second on average today.

and it's amazing how far ahead we have gotten versus the other big guys. we are only accelerating the pace. emily: talking about the other big guys, they seem to be having some strategic vision issues. we saw at&t getting into content, getting out of content, verizon's content efforts not really taking off. do you think the phone industry is going to compete on the fundamental, or are we still going to see these experiments, if you will? mike: we saw early on that the future was about 5g. 5g went on mid band spectrum. we sent out to create the new t-mobile with the best mid band spectrum system in the country. that has turned out to be prescient. now the big companies, at&t and verizon, have decided to

completely pivot their strategies to emulate what we are doing. they are a few years behind. we think we have the wherewithal to stay ahead through the 5g era. at&t now backing out of media assets and focusing on their knitting. together, they spent 85 million dollars on a mid band spectrum auction to try and failed to catch up to us. it is nice to see the industry will focus on the knitting, because that is what we are best at. emily: good old magenta knitting. mike sievert, i will let you get back to your investors. the international space station was on the receiving end of an unplanned shove by a russian spacecraft at the outpost. it happened when the thrusters on the craft unexpectedly turned on and changed the iss's orientation by 45 degrees. there was no damage to the

station. the mishap coming a day before boeing was scheduled to launch its star liner capsule on a test flight to the orbiting lab. that has been postponed to another date. while many companies debate when to require employees to come to the office, cisco is saying you don't have to come back at all. we talk about the company's new approach to the office space with the cisco executive vice president. and take a look at pinterest. shares still plummeting after hours. the social media company losing 24 million monthly active users in the last quarter. also declining to give a forecast for mau's for the third quarter, setting uncertainty over the evolution of the pandemic. this is bloomberg. ♪

emily: uber has joined a growing list of tech companies delaying its office return date due to the rise of the delta variant. the ceo telling employees in an email they will now be allowed to enter the office in late october instead of september. staffers who do come in after that date will be required to wear a mask regardless of their vaccination status. we have been covering the return to work trend for months. suffice to say the office as we know it has changed forever. cisco announced they won't be calling employees back permanently. their future model is hybrid with no fixed mandate on the number of days in or out of the office. joining us to talk about it is francine katsoudas, cisco executive vice president. do i get this right, nobody has to come back to cisco's offices if they don't want to? >> the world of work is to

o dynamic to have one approach for all employees. what we are doing at cisco is empowering our teams to make decisions about how they work based on the work that they do and the personal preference of the team. over the last few years, we invested in the capability of our team. we believe if we get teams right, we win. we will decentralize that decision and trust our team to figure out what works. we will take it in three-month increments. we have teams decide how they want to start. they will work for a few months, assess, then tweak the model. the innovation and agility we bring to technology we have to bring to the way we work as well. emily: so if somebody said right now, i don't want to come back at all five days a week, that would be ok at this moment? >> what we would say is a team leader facilitates the team in talking about how the team should work.

depending on the work, some of our teams will have to be in the office, but they will decide for a team, does that mean you come in twice a week, perhaps two days a month? there will be variability around the work. something we know at cisco is before the pandemic, only 63% of our people were coming in four to five days a week. when we survey our employees, only 23% of our people want to work that way. we want to give them choice why we look at business needs. emily: i like the three-month increment. it speaks to the idea that companies need to have a growth mindset and learn as this journey continues. what about vaccines? we saw google and facebook mandating vaccines. will you mandate vaccines for those coming back to the office? francine: in june, we opened up offices to employees that are fully vaccinated. our plan was to look at july and

august as transition months. we were going to slowly bring employees back in that were fully vaccinated. the other thing we were going to do is focus on leadership capabilities. we think our leaders play a big role in navigating how teams work. we are doing great leadership training, but we will also focus on well-being. we announced a partnership earlier in the month where we plan to focus on those two items in august in preparation for a september go live. we think that will now be pushed back by about a month. emily: cisco webex has been critical in keeping so many employees and employers connected. what does this mean for your physical office footprint? cisco is a giant company with offices around the world. does that mean you are scaling back on real estate too?

francine: the webex changes have been phenomenal, because webex has leaned into an an inclusive product. driving this ability, whether you are working from home or in the office, to have a different and improved experience is something we are proud of. when we come into the office, it will be for team events. it will be to build connection, to meet with customers. we will not come in the office to work on webex and do emails. we will be thoughtful. the space we have in the office, which was individually allocated, is now going to be focused on creating spaces that allow us to collaborate. emily: francine katsoudas, thanks for laying it out clearly, the cisco executive vice president. that does it for this edition of "bloomberg technology." tune in friday. that is tomorrow on "bloomberg tech." ♪

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