emily: sonos ceo patrick spence with bloomberg ipo reporter alex barinka.ing with sonos, we are speaking with one of the largest holders. mike, lots of people love sonos products. one venture capitalists wrote a love letter to sonos this morning, but investors were not that excited about it. where is the mismatch? >> emily, thanks for having me on again. thanks, fred, for the wonderful love letter he sent. the storyline around sonos is an uncommon one. as you know, there have not been a lot of consumer hardware companies that have excited investors as of the recent past, at least. sonos is one of those things where you can't judge the book by its cover. if you look underneath sonos, the way that consumers use this hardware product is very different than traditional companies. the average household has 2.8 sonos's per household and 93% of sonos's that have been sold since 2005 are still in operation in people's homes. that's a very different kind of product than a traditional consumer hardware product. a lot of the process this last couple weeks has been abo

jackie kelly and alex barinka weighed in. technology in particular has been exceedingly active, and we have been waiting for this to come back here at last couple of quarters have been exciting. we are definitely seeing technology companies themselves and tech enabled businesses in general just really eager to get out. a lot of this is driven by the fact that we have been in such a strong economic market for a number of years, everybody wants to access this window. emily: will it continue? jackie: q4 and q1 will be busy markets for us. alex: this bull market has been going on for some time. why now? why are these companies deciding now is the time, when i think back to last year and the year before when everyone was saying, it will be next year? jackie: valuations are higher and they are almost up to that level again. i think folks are saying, what is the chance this will happen again? i am hearing it from a lot of companies. they are watching their competitors and saying now is the time to move. people have said this economy

emily: that was jackie kelly and alex story and barinka. hear from an analyst who warns a slowdown is coming to apple next year. why? we will discuss. this is bloomberg. ♪ ♪ emily: this week, apple was issued it's only celebrating on the street. and analyst downgraded apple from new stroke -- neutral, saying he believes the iphone x has been so successful he believes next year sales will be disappointed. >> what is going to be disappointed is the aftermath of how successful 2018 has been. our perspective is that the iphone x has been successful and well received. to such an extent that we think between 10 million and 20 --lion consumers actually the refresh of the iphone because they were attracted by the iphone x. we have sold 65 million iphone x. we think -- when you fast-forward to 2019, what happens? just bought an iphone x and do not replace their phone every year. i'm not going to buy a phone. risk on significant expectations for 2019 in terms of iphone shipment units and also in terms of asp because the -- x is0 is high-priced high-p

emily: bloomberg's alex barinka speaking with sonos ceo patrick spence.ing up, a big backer of facebook and despite its last quarter, he is only buying more. that is next. and bloomberg tech's live streaming on twitter. check us out at technology and be sure to follow our global breaking news network at @tictoc on twitter. this is bloomberg. ♪ two, down and back up. our phones are more than just phones. they are pocket sized personal trainers... last minute gift finders... siri: destination ahead. and discoverers of new places. it's the internet in your hand. that's why xfinity mobile can be included with xfinity internet. which could save you hunreds of dollars a year. plus get $150 when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. emily: welcome back to "the best of bloomberg technology." i'm emily chang. has facebook hit bottom or does it have farther to fall? second quarter results show signs it may be running out of new users. investors reacted swiftly, wiping $100 billion in m

emily: bloomberg's alex barinka speaking with sodas eeo patrick -- sonos ceo patrick spence.ing up, a big backer of facebook and despite its last quarter, he is only buying more. that is next. and bloomberg tech's live streaming on twitter. check us out at technology and be sure to follow our global breaking news network at @tictoc ♪ emily: welcome back to "the best of bloomberg technology." i'm emily chang. has facebook hit bottom or does it have farther to fall? second quarter results show signs it may be running out of new users. investors reacted swiftly, wiping $100 billion in market value off the stock. but one person who is not worried, investor gary boehner check. here is what he had to say when one twitter user asked him about facebook drop. i bought the stock today. that's my thought. we sat down with him for a wide-ranging interview that began with, what else but facebook? gary: i bought a couple hundred thousand dollars worth of shares. i bought some more this morning because i am a long-term believer in the stock and i don't think there will be a lot of moments o

emily: bloomberg's alex barinka speaking with sonos ceo patrick spence.ing up, he's a big backer of facebook and despite its last quarter, he is only buying more. that's next. and bloomberg tech is live streaming on twitter. check us out at technology and be sure to follow our global breaking news network at @tictoc on twitter. this is bloomberg. ♪ this isn't just any moving day. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. emily: welcome back to the best of bloomberg technology. i'm emily chang. has facebook hit bottom, or does it have further to fall? signs it may be running out of new users. investors reacted swiftly. one person who is no

barinka joins us now from since it -- from san francisco. it was a muted debut? alex pun intended. $17 to $19t below range they had marketed, and it seems the public investor community could not shake the comparison to the other hardware makers like fitbit or gopro. those companies have had concerns around profitability, around what is next, around products that are sticky but also customers who buy them want to spend to upgrade. those same kind of questions i think were on the mind of investors as they went into this deal. as you saw, so knows got a -- sonos got a valuation far off from its target. haidi: the question is, is there redemption in trading? alex: it seems like there was. the stock closed up 33%, which is a good pop when it comes to u.s. ipo's. that is what you want to see, but that is from a level that is further down than where they would have wanted to begin with. ramy: moving from here in terms of buying sonos gear, where will the growth come from? it is one thing buying the gear versus buying the stock. alex: folks love their speakers. everyone i tal