the company said that tony bates most recently of microsoft, who gopro as, is joining president. >> it company. i have not read the prospectus yet. it seems to be popping up far beyond surfboards and kite boarders. >> that is what they would hope. you were just talking about video. clearly this is a company trying to position itself as more of a media company than just a hardware manufacturer. it probably started with the success of the youtube channel, but now you go on virgin american flights and there is a pro channel. tony bates is known for skype and cisco, but he has been on the board of youtube, worked on tone, which global was acquired by amazon. i think he is in the same frame of mind. >> i went snowboarding this winter and i cannot believe how many people were riding gopros on their helmet. >> you can go to colin would, next winter. much, jonu very erlichman. how did a four-year-old startup become apple's biggest threat in china. , ansecrets of xiamoi in-depth look on a special "bloomberg west" tomorrow. check it out. ♪ >> welcome to "money clip". i am adam johnson. small bus

tony bates is known for skype and cisco, but he has been on the board of youtube, worked on the boarde, which was acquired by amazon. i think he is in the same frame of mind. >> i went snowboarding this winter and i couldn't believe how many people were riding around wearing gopros on their helmet. >> you can go to collinwood next winter. >> thank you very much, jon erlichman. how did a 4-year-old startup become apple's biggest threat in china? the secrets of xiaomi, an in-depth look on a special "bloomberg west" tomorrow. check it out. ♪ advertisement.id >> in today's uncertain economy, bank foreclosures are high.

it's a big day for nick woodman and tony bates. the company from the beginning, putting $30,000 of his money in. he had 50% of the company as of today's ipo. he'll have a third of the company, but when i asked why he didn't price higher, he wanted to leave money on the table to, quote, share the love with investors. it is a fast growing company. revenues up 87% year over year from 2012 to 2013, but there was a question about slowing revenues in the first quarter, revenues of 235 million in q 1, 2014 down 8% from a year earlier in this morning, becky in the squawk box team asked woodman, what does that tell investers? here's what he said. >> that tells you that we gaffed a product launch in q4 of 2012 allowing customers to over eat a little, retailers, distribution channel got more invenn story than they should have so there's a ballooned qis 1, and q2 came down handlely. that was not intended or normal. that's a sign of a fast growing, maturing company. >> it's the mark of a company learning as it goes to figure out how to meet sup

this is particularly interesting behalf tony bates' credentials. he was kreismt off of skype, and at cisco before that as general manager of service provider video. so he has a deep tech background. also on the board of youtube before that, so think of this move as eric schmidt to google, sheryl sandberg to facebook, and dennis to dropbock. with this company getting ready to go bub. >> thank you very much, jon fortt reporting. >>> remember this iconic image of the tiananmen protest. today marks the 25th anniversary of that uprising. how has china developed in terms of its economy. chief international correspondent michelle caruso-cabrera take a look. >> there haven't been a lot of democratic reforming, but lots of economic reforms. unbelieve house it's different. we'll take a look right after this break on "power lunch." don't go away. we're moving our company to new york state. the numbers are impressive. over 400,000 new private sector jobs... making new york state number two in the nation in new private sector job creation... with 10 regional de

tony bates, a terrific executive for microsoft and other places, skype, went there. an interesting thing. i don't know. a popular thing and i think this idea of moving these devices that move us out and allow us to share are interesting. seems a little frothy to me. but i don't know anything about why stacks go up or down. i couldn't tell you why it's gone unso much. i have no idea. >> interesting to hear the skepticism in your voice, kara. people talking about valuation, especially after this gain today. have a great weekend. see you next time. kara swisher, thanks for joining us. >>> all day here on cnbc helping you position your portfolio for the second half of the year. monday marking the last trading day of the second quarter. your cnbc's julia boorstin way look what to expect from social media. >> reporter: here's what to watch for in the social sector in the second half. get ready for the next generation of social advertising. instagram ramps up ads. facebook more narrowly. linkedin mobile content. social giants facebook and linkedin beef up their portfolios o

the san mateo company has hired mic microsoft executive tony bates to serve as its second in command.upport ceo and founder nick woodman. go pro filed for an ipo last month but has not announced an official date for when the company will actually be going public. >>> in the meantime, amazon is getting ready to make a big announcement. according to insiders morgan brennan with more. good morning, morgan. >> good morning, laura. futures are higher after stocks recovered from tuesday's losses. the nasdaq snapping a three-day losing streak while the s&p 500 index hit a new record high. better than expected report on the u.s. services sector help offset a disappointing report on friday. sector job growth and look for filing of new unemployment benefits. the nasdaq up 17 to 4251. and walmart is expanding its online saving tool nationwide. rolled out savings catcher in seven markets in march letter cucuc customers compare prices. if they find a better price, walmart will refund in a store credit. laura, back to you. >> thanks a lot, morgan. good seeing you. >>> tesla is ready to super charge

i talked to tony bates when he was at cisco, and he was part of the team that determined early on that video was going to be an important driver of the broad band internet. he understands that on the technical side. he also went to skype, which has an end user, a consumer component so, he understands that piece. he was also on the board of youtube pretty early on so, the whole transcoding thing that's going to be important to gopro he also understands. >> the perfect experience for this. for go skwn pro to have a sustainable long-term business they really do want to get into the continue ten piece, subscriptions, he has the hardware and software experience, perfect guy for the job, still remains to be seen whether gopro can transition. just being in the camera business is tough. >> we've heard skeptics from the company on that front. when we come back, more on gm from someone who's covered the auto industry for deck ailds. former "new york times" bureau chief is here. if you look at traitor in the encyclopedia, there's a picture of edward snowden. strong words today. >>> and two large

. >>> san mateo company has hired former skype ceo and microsoft executive tony bates to serve as second in command. he will support ceo and founder nick woodman. bates will focus on the core bsz. go pro filed for an ipo last month but has not announced an official date when it will go public. >>> tesla ready to super charge its cars in china. it is now officially up and running. according the super charger station is the only one in the city located in a small technology park located next to tesla's new office. plans for new stations in other parts of the country, as well. >>> san francisco startp wants you to invite strangers over for dinner. a popular site that lets people rent out their homes or apartment short term and now the company is inviting hosts to organize group dinners by using the site. set the date and the price of the meals and the company just launched a house cleaning service in new york and l.a. company says so far it's just a temporary pilot program. i don't know, making dinner every night for the family, i don't know if i want to make it. >> the other question is, w

we just added tony bates as i'm sure you know as the president who brings a lot of that capability.ready at the company that's working on all of these different aspects of the business, from the hardware side to the editing side, software, you know, the platform and media. so there's, you know, this is an 800 person team already. and big teams working on these things. >> walk us through, what do you say to skeptics who say this business is littered with bodies of companies that have been come mod advertised out of business, right? >> sure. >> camera on a stick. you've heard all this. >> absolutely. well, from the time we made our investment there have been a lot of skeptics. we made our investment the company just finished the year with $65 million in revenue and last year just under a billion. and continue to grow rapidly. so obviously i'm not a skeptic. i have a pretty good answer for this really. you know, what you see, this isn't a commodity product. you say i just watched the piece with alex on. you see how much passion there is around this product and you're showing videos now

people are impressed by tony bates, the former microsoft executive they brought on.en as the grown-up in the room. >> let's go to the grown-up in the room. >> richard bernstein. >> former merrill lynch. >> he is the author of a book. >> fabulous book on growth versus value. >> investors manic for "disruptor" stocks. market,re, two-tiered disruptors on one hand and everything on the other? >> that is fair, people are looking for story stock at this point in the violation cycle. it is not that regular companies are unattractive. or 16ou get to 15 times times forward earnings, everyone needs to feel like something is in a secular bull market, not just a cyclical bull market. >> general mills at 7:00? is that a story stock. >> a few decades ago. you've are a, competitive skier, do you use at gopro camera. >> i have never, but many of my friends do. watching some of these videos makes me dizzy after the fact. use gopro do you cameras? >> i don't but my son is a fireman, he wears them on his helmet going into burning buildings. >> why doesn't the camera mount? >> i'm going