we appreciate it, peter kern, ceo of expedia.n we come back, crypto firms haven't put on notice as crack and settles with the securities exchange commission. we hear from the chair of the sec, gary gensler. this is bloomberg. ♪ [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. jon: this is bloomberg markets. time for today's what it's worth. our number today is $30 million, how much he crypto platform crack and will pay as part of a settlement with the sec tied to its taking program. the regulators sending a message about crypto interest and lending programs. gary gensler spoke with bloomberg today. gary: these crypto exchanges, crypto lending platforms, crypto staking service, they need to come into compliance and they are generally noncompliant right now. investing public is not only at risk by the speculative nature of crypto, but they are at risk of

the western world and asia and latam. >> seema modi joins us now pretty upbeat message there from peter kernonnect here is it just last quarter's results are coloring the interpretation >> i think what's providing a floor on to the stock is the fact that expedia is guiding for double-digit revenue and ebitda growth in 2023, despite the fourth quarter miss, which peter kern chalks up to bad weather. the other big concern will be about the increase in marketing spending in total of 20% compared to 2019 levels. there is some evidence that is working. they're seeing record app usage, loyalty membership is up over the last four years, but that will likely be a concern for wall street as it fixates a bit more on profit growth going into the new year one of the downside risk scenarios brought forward by oppenheimer this morning was if we start to see the airlines and hotels really push for direct bookings a bit more aggressively than we have seen in the past as they focus on this travel recovery and how that could change the market dynamics and put more pressure on expedia, not to mention airbnb, w

seema mody joins with the expedia group ceo peter kern >> welcome back to cnbc. >> good to see you. >> let's start with the increase in marketing spend i think there's some questions there that includes tv ads and youtube, in total up about 20% compared to 2019 levels. right around the time you became ceo of expedia, when you pledged to make the company more efficient. how do you justify this increase in budget and the expected payoff >> yeah. so, there's a few things going on there, seema, that we talked about yesterday. one is that our b-to-b business is growing very quickly and the commissions from our b-to-b business throw through our marketing line you're seeing the actual benefit of the growth of that business we also saw a lot of weather impacts, particularly at the beginning and end of the quarter. and when those cancels come through, we bought business that doesn't actually happen and our marketing seems inflated relative to what comes through the results. but had those cancellations not happened, obviously, those marketing dollars would have been efficiently spent overall, w

caroline: peter kern. he sounded pretty optimistic.ouple of days, you have seen expedia on the downside. off by 9%. today was its worst day since may of 2022. clearly some concerns about fourth-quarter misses. coming up, more job cuts underway in the tech industry. we will bring you details on the layoffs and how apple has managed to avoid them. this is bloomberg. ♪ three nights, esg... the broker will take your bonds. -diversification, futures, options. fiduciary. leverage. [whispering] -frothy markets. psst. virtual real estate is a lock. ♪ cold hard cash ♪ j.p. morgan wealth management knows the world is full of financial noise. i'm looking at your asset mix and plan. you are right on track. great, thanks. our easy-to-use app and local advisors are here to help you figure out what's right for your investments. j.p. morgan wealth management. 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 rat

argued it was temporary, weather-related, double miss >> i think that expedia, look, i think that peter kernend travel the higher-end travel guys are doing so well. i really want to distinguish exp expedia from some higher end, and by the way, american express travel is on fire, even during the storm period american express didn't have any bad weather. their whole quarter was done -- i don't know where they're politic locate, but boy, it was sunny. >> i want to ask you if you think bonds have repriced enough >> yes, i do that's really why we won't down. it wasn't just google dragging everything down. google did catch the ball on things but it was the two-year that really made the week feel like a year. >> german two-year, by the way, guys, this morning, highest since '08. as for -- we mentioned alphabet and microsoft and all the a.i. stuff we waded through during the week, david, but bill gates talks to a german newspaper, reuters wrote it up, and said, this is going to change our lives. the advent of a.i. in language-based search is going to be as significant as the internet itself. >> it's

. >> it is trying to stage a reversal as ceo peter kern talks on the conference call and shared that hurricane ian and went storms drove up cancellations that caused q4 numbers to come in below expectations he also mentioned that friction in transitioning its business model after going through a major revamp weighed on results. however, post the disruption he says 2023 is off to a great start. he's citing improvement in bookings in january. that is what is helping shares come off the low down as much as 8% he joins me on "techcheck. growing its market share outside the u.s. is the question as china re-opens and north america makes up a majority of bookings and of course at what cost that was one concern, the increase in marketing expenses we saw in q4. >> seema, thanks seema mody guy. >> it went up 55 over the course of a month and a half. they needed to crush it and did not do that. like some of these others there will be a level to buy it. it's not here. 116. it's not here. it probably fines a home around 105 then another conversation we'll have. >> i think given what was seemed to