for us -- for more let's get with alex webb. i hope you do not share your password. >> i do share my account with my wife. i don't think they care about those. the increase in the subscribers was not as much as the market expected. they increased by $1.3 million, they were expected to increase by $1.5 million. initially, the stock plummeting fell as much as 12%. there was more time to understand the numbers. as you look to the full year, the cash flow estimate is higher than people expected. the market expected $3.4 billion. another pity is that they are finally getting ready -- getting rid of the dvd leasing business at the core of netflix. that is finally going after years. tom: we were talking about this. dropping dvd sales, that is what they built the business on. more alex webb and more things tech in the second half of the show. i know we will have a musical reference from manus as well. the european economy, not going in recession, another hike is in order. we will bring you those comments, this is bloomberg. ♪ introducin

alex webb covering all things apple, tsmc and of course, tesla.t for the european market open. "surveillance: early edition" is up next. let's briefly check on markets. optimism this tuesday morning as people come back from the extended easter holidays continues. .5% across european equities. the ftse 100 trading 7769, gaining .3%, across sectors basic resources is topping the list, gains of 2.2%, iron ore and copper higher, food and beverage at the bottom down .6%. stay with us. this is bloomberg. ♪ >>

for more, let's get to quicktake correspondent alex webb, how did this match expectations?there are two pieces, on the one hand the analyst forecast, it was in line, 422,000 units but then there is elon musk's expectations. he telegraphed 50% growth, this is 36% growth, quite short of that but the market will be disappointed. manus: the surge in production, did they get there through price cuts? do they have the capacity to go further? what are the ramifications of these numbers? >> that is the key question, price cuts were significant last year, what has that done to the margin? the market is forecasting a fairly significant decline of two or three percentage points. this year, they are looking to ship as many as 2 million units. but had to cut costs quite a lot to get to 423,000, how much more will they need to do to get to 2 million? that is a concern over the next few months. dani: how is elon musk squeeze out more growth if it is not 50%? >> that is one of the reasons there is disappointment about the price point. the model three was supposed to be the very much entry

let's bring in bloomberg's alex webb for the details. s this number tell us about the opportunities for india? alex: it is certainly a big jump, about a 50% increase. it is still a relatively small portion from the number of hands that sell in india compared to the total size of the market. they sell about 4% of that number. india has been talked about for a long time as being the next china. people say they see india now where china was 10 years ago. china generates about $25 billion in revenue for apple, so there is a long runway to go if that will be the case. we have seen a massive shift of manufacturing from china into india. that is partly to take better use of the indian opportunity, but also to de-risk a little bit, and only a little bit from what is happening in china. francine: i saw a huge story and it has been reported that microsoft's bing could replace the google search engine as the default on phones and any hardware. that feels huge. alex: samsung does not make as much money from hands that apple does, but google still mak

dani: that is alex webb from bloomberg quicktake. on to u.s. politics, speaker mccarthy's debt limit bill has passed the u.s. house, in a politically important victory that intensifies the standoff with the height house -- white house over avoiding catastrophic u.s. default. i would assume this bill is dead on arrival for a democrat controlled senate, so what is next? >> on top of that, president biden himself has said he is not willing to negotiate with republicans over an increase in the debt ceiling. he wants a clean bill that raises the debt ceiling with no other strings attached. what this victory for kevin mccarthy means is that republicans are likely going to be able to negotiate something with the white house. what form that takes, and how close to the debt ceiling deadline it takes place is all up in the air, but it is a political victory for mccarthy. it would've been a tough defeat for him four months after becoming speaker. but the bigger challenge lies ahead when republicans and democrats sit down to hash this out ahead of any debt

dani: alex, thank you very much, alex webb. turning back to the banking sector, standard charter has reported better than expected earnings for the first quarter. saying the business was boosted by rising interest rates. let's get to our finance reporter, denise wee. standard charter shining in this respect. denise: we are definitely seeing a strong performance from standard chartered bank which contrasts with what is happening in the u.s., the turmoil of the banking sector in the u.s.. they emphasize how stable their deposit base is. credit suisse not suffering any issues. what is important is we have also seen the china real estate sector which is been a drag on standard charter's earnings for quarter after quarter. we finally have the since it is turning the corner and stabilizing. it is a good thing for investors. i would say they have reduced their guidance slightly. the questions about whether interest markets -- margins have piqued especially since rates are expected to go down in the second half. i think definitely a st

for more details on the ev maker is bloomberg's alex webb.d from elon musk saying the priority is volumes over margins. we know they are cutting prices not just in the u.s., but china as well, what have those done to these results? >> we have seen certificate decline in the operating margin. the profit margin was 19% a year ago, 16% in the previous quarter. it has now gone down to 11%. tesla frames this as getting share from competitors at a time when we have more generous operating margins than they do, so we can essentially afford to do it. don't forget that tesla nunnally has been expanding its capacity significantly over the past few years in shanghai, berlin and texas. it needs to run those at a certain capacity to be profitable. it also is essentially valued on growth. but that growth is predicated on being profitable. that is why it is able to trade at 50 plus times multiples of forward earnings. if you are massively discounting your vehicles and the margin is coming down, one part of that thesis starts to fall apart a little bit. manu

for more on this we are joined by alex webb from bloomberg would take. thank you for joining us. k at expectations eight matched but now what he wanted. alex: they had the consensus for 422,000 vehicles and they nudged slightly above the at 423,000 basically in line with what they expected by elon musk said he wants 50% year on year growth. this was 36% year on year growth not in line with his expectations but it was for the market. francine: what are the applications of this? alex: the challenge is how they got there and it had to do with discounting. there was regressive discounting carried out tesla that drove the numbers up. now as you look towards the rest of the year and tesla trying to hit 2 million units sold this year, clearly if you look at the current run rate, they are below that. they may have to do more discounting and what does that mean for the gross margin? the consensus is a 2-3 percentage point drop in the coming quarters which has concern among investors. francine: elon musk focused on a icing this was something that which is slow down because it's bad. that ta

alex webb, appreciate it from bloomberg quick take.ck in on the markets before we let you go. across equities losses of .20%. interest and the u.k. focused on what is happening in these guilt markets. the pound has jumped and gilts are selling off. yields 11 basis points at the front and 380 as markets are to pray in a hike both in may and june for the bank of england as inflation remains stubbornly and at double digit territory. futures in the u.s. lower by .3%. surveillance early edition is up next. this is bloomberg. ♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. i screwed up. mhm. it's easy to make your home an a i got us t-mobile home internet. now cell phone users have

bloomberg's alex webb calling in.have so much to go through with apple but the india focus, the fact that they are able to not only do survive but see the demand. >> there are two pieces to this. trying to pull a little bit out of china and it is really a little bit coester landed -- little bit. in revenue, they generated products made there, $6 billion is what they are doing in sales. when they talk about india, they say it was 10 years in china. 10 years, apple was -- and has a long way to go to get what is now in excess of $70 billion in china but is making traction. that price sensitivity is a massive deal. it will take a long time for them to take a meaningful chunk out of unit sales samsung does. ed: bloomberg reported that tim cook will attend the opening of both the mumbai and new delhi stores. we are waiting for june and eec d. --wwdc. this is supposed to be the biggest wwdc ever. what are we expecting? alex: we are going to be seeing this new headset, according to our colleague's reporting. this is for devel

joining us is alex webb and gina martin average -- gina martin. as we get new story -- new stories, is the tech trade running out of sitting -- steam? >> the rest of the market is up 4% so you can say they have tripled the returns of the equity market. maybe there is a near-term reversal and investors get nervous about excessive valuations. it is evident in the space. you get nervous about earnings proving the case for valuations and we have a fed meeting that is consequential for the space. maybe investors are questioning the notions embedded in prices. >> on a company specific basis, we have tesla lowering prices. i just pointed out a cdw that i have never talked about but i.t. services feeling heavy. >> if you look at some of these individual companies in question if you think tesla is a tech company but it has not been doing as well as elon musk would like some investors. -- like and some investors. facebook has done well through the past few months, they cut a huge number of jobs. the sectors can be heavily bought and it is trading still at a

webb is inedbreak. and former coach mike brown, he was ♪♪ alex! mateo, hey how's business? great. know that loan has really worked wonders. that's what u.s. bank is for. and you're growing in california? -yup, socal, norcal... -monterey? -all day. -a branch in ventura? that's for sure-ah. atms in fresno? fres-yes. encinitas? yes, indeed-us. anaheim? big time. more guacamole? i'm on a roll-ay. how about you? i'm just visiting. u.s. bank. ranked #1 in customer satisfaction with retail banking in california by j.d. power. >>> a spacecraft for the european space agency is on its way to explore jupiter. the so-called juice mission will be an eight year mission and is expected to reach jupiter in 2031. the main objective is to study the gas giants moons to determine whether they could actually support life. >> a mission of major magnitude. i would even call it the mission of the decade in terms of the science questions and also the engineering we have achieved. >> it will become the first spacecraft to orbit the moon of another planet. >> all right, juice mission. my toddler sends me on

he received no offensive support, no score in the 7th webb gives up the solo home run. alex burrows. knocks that one and that's the 7th home run weapons given up this season. finally card. dylan carlson rips a shot down the left-field that went for an rbi double paul, the young now. 2 run to left field. just clears defense time to take the kids. do giants lose 6 to nothing. logan now has a leading 5 not what you are seeing from. says it's not all his fault, though, is looking to get out of anaheim with the split with the angels. not sure. want to come back. oakland right now, though, no score in the 3rd, but the angels exploded. for 5 runs. 3 of them coming on that brandon jury town home run a 5, nothing. the day-use the long ball to give back john langley years. that's going to clear the fence in center 2 run homerun list. go to the 8th inning. now. angels out. 76 anthony rendon. it's a good hit to left. that proved to be the winning run that came in on that hit angels, win it. 87 finished the road trip 2, 1, 5, and they return home tomorrow. we're a six-game homestand star

webb allowed four runs in six innings. the dodgers only allowed one run through six and meanwhile third baseman dominated with two home runs. the giants alexood faces off against dustin may tonight. >>> the warriors wrapped up the regular season with a win over portland and now the team is unveiling specialer septembers to get fans fired up for the playoffs. team announced thursday it will be blue and gold day in the bay. fans will get a discount on official warriors merchandise and flag raising ceremonies are planned at city hall in san francisco, san jose, and oakland on saturday. thrive city will host a warriors' watch party for game one against the kings. >>> if you are wanting to take the short drive to sacramento to see the game. be prepared to pay a lot. the warriors kings game is to the most expensive first round game on record. look at that. the cheapest single seat starting at $458 and the most expensive going upwards of $10,000. that doesn't include taxes and fees. woo. have fun going there. congratulations to sanford star hailey jones. she is heading to atlanta. last night she was selected by atlanta with the sixth pick in the