Skip to main content

tv   Bloomberg Technology  Bloomberg  November 3, 2016 1:00am-2:01am EDT

1:00 am
it is one p.m. in hong kong. i am angie lau with your top stories. the fomc says it only needs some further evidence, some further evidenced by inflation and employment are on track toward their goal. a decemberchance of hike. macau shares tumbling. 12% toenue fell about $518 million went macau's new $4.4 billion resort failed to give it a boost.
1:01 am
struggling commodity trader noble has been given the thumbs up. its chairman describes the company's crown jewel. shareholders approve the sale of the u.s. energy unit as the company cut costs. the balance sheet set to be profitable. powered by more than 2600 journalists and analysts, in more than 120 countries, this is bloomberg. a look at the markets for you. afternoon trading just getting underway in hong kong and china. sydney just closing for the day. japan is closed as well. this is bloomberg.
1:02 am
anchor: i am emily chang and this is bloomberg technology. n earnings bonanza. our expectation for the social network, just to hide. emily: alibaba shrugs off china's economy. how long can the world's biggest e-commerce company continue to defy estimates? sit the shares take a 30% nosedive after hours despite a reasonable third-quarter earnings report. why investors are worried about the road ahead for the activity tracker. facebook share dropping in after hours. the company reporting third-quarter revenue just over $7 billion, up more than 50% in the same quarter last year. up 160%$2.4 billion, year-over-year. facebook has increased sales by more than 50% over the last four quarters.
1:03 am
it does not seem to be enough to impress investors as stocks plunged. joining us now james cakmak, and cory johnson. what do you make of the stock performance here? our expectations for facebook at this point are just unrealistic? by any reasonable measure, this is fantastic, an incredible 50% sale. i think that in particular, there was not an acceleration of revenues as a percentage of sales. it was hard to find reason. emily: it remains relatively flat, 84%. cory: it is awesome. statisticnumber of you look at, you can see this is a fantastic report. emily: james, would you agree with that? guest: i would agree at the fantastic report, but we downgraded. i got a lot of heat for it.
1:04 am
the reason we downgraded is coming into fruition because the reason the stock is acting this way is when you look at it next year, the growth has really been coming from a function of engagement growth and user growth. james: the users and engagement are growing nicely but the ad lookwill be stalling as we in 2017 because of the fact that you just do not have another platform like instagram, to open up. it will get more difficult and messenger and whatsapp will take a little bit more time it seems than some investors were hoping. emily: instagram, and revenue growth now faster than the actual website. told ourhat the cfo sarah frier. james: without giving us actual numbers, we won't know. in general, they are saying that the growth has been broad-based.
1:05 am
how effective would you say facebook is at this point with markets? cory: the user value. that is how much revenue they get for each user in the service. they use the service more and more. nearly two thirds of all users are the service every single day, an important metric. they are facebook users on a daily basis, part of their regular lives. you can see the value of the user increasing dramatically. 18 months ago, it was $4.25. it was up to $6.08 for every single user on the site. that is an astounding number in one quarter. to see the number also, this service is not an immature business, yet it has yet to show the true seasonality and advertising business might show, that is to say, fourth-quarter numbers huge. third quarter and that the quarter numbers flow. in the summertime, it is still growing even at this size. emily: ty are continuing to take a page from snapchat herein
1:06 am
into ram started doing instagram stories and now facebook is saying they are working on a camera first sharing option on the main website. i take a listen to what mark zuckerberg just said on the call. >> a text box is still the default way to share. soon, we think a camera will be the way to share. we are testing this in the main facebook app with a version that has a camera directly one swipe away from news feeds. we have created affects for photos and videos. in messenger, we have tested and video features. we'll experiment with more visual messaging tools over the next few months as well. emily: does it on my snapchat much? cory: it sounds great, but it is not easy to change behavior. james: look at digital payments. it is not taking off. , they arehes
1:07 am
intuitive, but it is not taking off. video messaging versus textbased communication is a novel concept, but not easy, so i mean, the bottom line is this. i agree with corey. when you're looking at it from an investment standpoint, the street was looking for revenue in 2017. the expectations were more around 40 billion. a must you get tempers and upset revisions to your members. you are not going -- unless you in your numbers, it is not going to move favorably. performance against a great performance expectation backed up. emily: over one billion daily active users now on mobile. there are 7 billion people on the world. the majority of them do not have the internet. at what point do we reach a ceiling? >> the two things it needed to do was get to china, mobile, or the numbers were not going to get better. it fell gently over its first
1:08 am
couple of months. then they figured out mobile. 1.6 6 billion users on mobile. it has dominated. flat 84% quarter over quarter growth, sorry, 84% successive quarters, show the lack of improvement in terms of mobile revenues, so while it was a lot, 84% of all users of revenues coming from mobile. still, maybe not more and not more being not enough from a wall street business perspective. i think any of us would kill for the types of numbers. emily: with the rise of snapchat, we are seeing facebook copy snapchat. does the coolness factor common to play at a certain point? i know you are cool, that is why i am a new this question. are you concerned facebook just is not cool enough to sustain this growth over the next several years?
1:09 am
don't think so. they have instagram which is still incredibly popular. whatsapp, messenger, these are heavily used. it has all the scale. you go where the people are and people are on facebook. i am not worried about the coolness factor. one point on the engagement, i ry was talking about hitting a ceiling. if you look at the dau versus mau, that is holding around 77% domestically. reallys that we are not creeping that much higher above that figure, so the question is, are you as saturated as you possibly can be on the daily front in terms of users and extrapolate that unless the international market. cory: they had 66% so that would 1000 basis points improvement, potentially, across the rest of the world as the
1:10 am
rest of the world gets more mature. it is interesting to look at the desktop only users, down to 130 million. it is happening everything will they. emily: what do you think about that problem? cory: who, me? i have no idea. emily: really, look. cory: old people, your mom is on facebook, so why would you want to be on facebook? the numbers clearly show that was not an issue. both of our moms are on facebook. as you know. emily: both of our moms are on facebook. cory: instagram, tighter caps on instagram, the different ways people use it. facebook has figured it out and is parsing the way users use the service and it is in the numbers. cory johnson, james cakmak, thank you for joining us. warner, despite beating
1:11 am
analyst estimates for the third quarter and boosting its forecast, the company saw just lukewarm reaction in the markets wednesday. investors remain skeptical about whether it will get approval for its plan. onmakers have called regulators to examine the deal closely to make sure it does not concentrate too much power over the media industry in one company's hand. still to come, what slowdown in the chinese economy, alibaba outperforms again with double-digit growth. how long will it last? shares of fitbit falling off a cliff after the wearable maker latest earnings report. we will show you, and next. ♪
1:12 am
1:13 am
1:14 am
emily: continuing with tech earning shares of fitbit collapsing in after-hours trading, falling as much as 30% after the company released its third-quarter results. those numbers were roughly in line. it is a forecast people are reacting to. the average analyst estimate was $.75 a share. bloomberg tech reporter selina wang joins us from new york. why the dramatic cut to the forecast? is selina: -- this is clearly a seasonal business. they kept saying on the earnings call we had weaker demand than we expected, softer demand. selina: they had a new product, recently, the charge hr2. weaks another reason for demand. another interesting data point is the aipac region. it was very weak. had a revenue drop of almost 50%.
1:15 am
they need to reevaluate their strategy and think about how to better localizer marketing and target the users. is at specific to the fitbit brand or something that span the entire wearable universe because there are a ton of compatible is out there from aree to xiaomi, and they all doing fairly different things, but it seems enthusiasm around this base in general has waned. cory: some of this -- selina: some of this news is specific to fitbit. 25% year over year. that being said, while it is growing, it is getting more crowded. , samsung, apple, garmin, and newer entrants coming in all the time. it is still unclear just how long it users are willing to upgrade these products and how
1:16 am
big this market can get. poses the says xiaomi biggest threat to fitbit given they have the second biggest share. talk about how market share breakdown. selina: fitbit is still well in the lead. xiaomi comes at number two at 14%. this quarter's numbers in the aipac region shows they are going to have a hard time succeeding in asia. xiaomi as a very compelling and cheap product. fitbit is definitely going to be a lot higher in the aipac region . this is a company that has global ambitions, but this quarter showed that they have been spending really heavily on r&d and marketing and their demand is not keeping up with the cost. that market share may shift in the coming months in quarters. selina, hold on. i want to turn to alibaba. china's largest e-commerce operator seems to be shrugging off concerns about a slowdown in a local economy.
1:17 am
alibaba posting second-quarter earnings, up 45% from a year ago on revenue. 55%, they cited strength in cloud services, entertainment, e-commerce its largest business. joining us now to discuss the takeaways, kevin carter, founder of an emerging market etf whose largest holding his alibaba. selina wang still with us as well. why is alibaba your biggest holding? then: our thesis is that emerging markets are just now getting the internet and getting it on mobile devices and the consumer in emerging markets is the real growth story and just as the mobile and internet has changed the way we consume, it is changing how emerging market consume, china being the largest. 55% topline growth for a company the size of alibaba is quite extraordinary. before this, we were reviewing facebook results and they also
1:18 am
grew at 55%. there is many companies the size of those two in the history of the world, frankly, that can grow faster than 50% on an annualized basis. emily: that said, there has been brought a concern around growth in the chinese economy overall. i recently sat down with mike evans, president of alibaba. take a listen to what he had to say. >> china is not in a bubble. the economy is slowing, but not flow. the combination, the components of the economy are changing rapidly from investment and old industrial and manufacturing, to services and consumption. to the gdp growth numbers in china concern you at all? kevin: they do not concern me. they are slowing down and have been for a decade and will continue to slowdown. it is the law of large numbers. what was just said is absolutely
1:19 am
right. china is slowing, but i do not think it is in a bubble. there might be pockets of over evaluation and excess, -- overvaluation, and access. the chinese consumer is a big deal. mckinsey calls it the biggest rose opportunity in the history of capitalism. you're taking those consumers and giving them the internet on a smartphone and they are leapfrogging traditional consumption. they do not have the malls like we do, the strip malls, the suvs to get to the strip malls. when you crash the emerging into low-costr, smartphones, broadband internet access, and then local entrepreneurs usually backed by u.s. venture capital investors, you get this incredible complements of growth. the holy emerging markets internet sector is growing at about 40%. the publicly traded companies, 45 percent. when you look from e-commerce to the cloud and how each fared individually?
1:20 am
selina: e-commerce had very oppressive growth. 50% in that core business. cloud computing is something all the investors have been watching very closely, had triple digit growth again as did the new digital and media entertainment unit. cloud computing had some losses this quarter. given the rate of growth, analysts are saying it could become profitable in the coming quarters. core busine still strong. to the two growth in some of the other new work factor businesses. emily: at the same time, alibaba is facing questions around transparent he. they have been, they say, making efforts amid make the financials more transparent and at the same time, they are concerned. how do they calculate revenues? not give any more details of this time. he reiterated what he has been saying which is that we are voluntarily cooperating with the
1:21 am
sec on the accounting practices. there was a new york post article that said there was a whistleblower inside the company cooperating with alibaba. he said that is not real news and we will come out when there is real news. not a lot of details on what is going on right now. it was how they were accounting for their the just its business and how they were accounting for single day. look, transparency issues around chinese companies, especially chinese conglomerate, not a new issue, but are these things you think about? kevin: i certainly think about them. they are in the news. i am not concerned about them much at all to be frank. alibaba is a very clean company. well-managed. one of the things investors forget is that everything is relative. investing in emerging markets is a risky proposition. one of the biggest risks anywhere to markets is corporate governance. you look at petrobras, the giant
1:22 am
andilian state oil company they have serious governance problems. it is not just petrobras. all of the enterprises that dominant the chinese indexes -- indexes,the chinese the emerging market etf's, are in state owned enterprises where corruption and fraud are rampant, frankly, and again, all you have to do is look at the headlines every day with the petrobras in brazil and you can see there is a lot of risk in corporate governance. vis-a-vis, the rest of emerging markets, i would say alibaba and the other emerging market internet companies that are backed by u.s. institutional investors had better corporate governance that you find on average. just asingles day now few days away. mike evans told me that they are attacking more revenue than ever before. that is not a surprise. talk to us about broader expectations for this particular day. and how they will be accounting for it given this additional
1:23 am
scrutiny. selina: it is not clear how they will be accounting for this differently. i think we will see that in the coming days and weeks. mike evans in your interview said he expected the numbers to be even greater and something they are really emphasizing is all of the lead up activities they are doing. they have announced that katy perry is one of their local ambassadors. they have a slew of celebrities that will be on stage during single day. there will be virtual reality shopping they will be testing out and a fashion show where you can see what the models are wearing as they walked down the catwalk and you can buy the products ahead of time. i started to roll out so many products and games and activities to try to hook people into single day well ahead of day.es they so -- singles we will see numbers skyrocket. emily: all right. kevin carter.d thank you so much.
1:24 am
another stock we are watching, qualcomm shares down after hours despite the chipmaker predicting sales growth. more on that story, later this hour. a reminder. all episodes of bloomberg tech are live streaming on twitter. check us out at bloomberg tech tv. this is bloomberg. ♪
1:25 am
1:26 am
emily: let us turn out the videogame makers we are watching. a solid beats per second quarter sales. adjusted revenue coming in well above estimates of more than $479 million. take two cited strong sales. it also boosted its full-year forecast. zinga down after hours. it missed estimates. it continues transition away
1:27 am
from this talk games played -- desktop games played on facebook and is looking for a new hit on mobile. a big tex mover after hours. facebook and what the cfo says about the latest movers. this is bloomberg. ♪
1:28 am
1:29 am
1:30 am
emily: is 1:30 p.m. by here in hong kong. markets are turning their focus from the fed to the bank of england. the central bank gets set to release its rate decision just a few hours from now. keepsts expect the boe to it on hold. mark carney may have to reassess their forecast as a fuller picture of the reaction to the u.s. vote. cash profits fell 18%, four part 5 billion u.s. dollars. the bank has been struggling with higher funding costs and rising bad that as it
1:31 am
restructures its businesses. the ceo says the lenders underlying performance is very good. >> what we are going throughout the moment is a restructuring firm future growth. we have had a number of charges that we took in the year was have deprived our earnings a little bit, but actually, the underlying performance of our businesses this year has been very good and we are pleased, so the reduction in profits of the deliberate action to reposition for the future. a casea hong kong court, could have lasting ramifications for the territories relationship with china. the city's beijing backed chief executive last month asked the court to remove two independent lawmakers. mispronounced china's name when they were sworn in and held up banners proclaiming that hong kong is not china. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more
1:32 am
than 120 countries. this is bloomberg. that is check in on how the markets have been trading in the asian pacific today. for that, we go to shery ahn. shery: markets across asia looking a little bit mixed. the regional benchmark index is gaining, but trading near a seven-week low. japan is away on holiday, and great news for exporters. we are seeing the yen emerging right now. the kospi up 0.4%. the shanghai composite up 1.2% while the hang seng has turned positive. we are hearing in china that the pboc is selectively tightening in some sectors in order to curve a financial risk. we are hearing the pboc is letting money markets rates rise right now. of course i now, the whole theme of trade these days ahead of the presidential elections next week, also the fed keeping
1:33 am
policies study. the yen is searching for a third consecutive session. it is now near the highest level in about one month. the korean won also seeing a rebound. we are live at the top of the hour from london. emily: this is number technology. i am emily chang. this according to people familiar with the matter. if a deal happens, it would follow a slew of transactions in the rapidly consolidating semiconductor industry. joining us now with the latest on the industry are bloomberg tech reporter ian king, who has been very busy the last several days, weeks, months. tell us what this means for the .hip landscape ian: it is unique, a bit of an
1:34 am
outlier and make the chip that going to aircrafts, and they are called hardened chips, so they are radiation safety. the good thingut the business is long-term margin and bad thing, no big ups and downs. emily: there is a history of potential takeovers here, but were kind of companies do you think will be interested? ian: we have named this guy works as being one of interested parties and they, as you remember, actually got into bidding with micro semi for another chipmaker. what we are looking at is they are the one that is going to be .rimarily interested emily: emily: is the thinking that these guys need to do bigger plays on the field? ian: the costs in the industry are only going up. if you do not have the sale to be able to generate the amount of cash that you need to finance and profitability goes down
1:35 am
you are vulnerable, and that is what is going down. broadcom using the iphone, apple tv, so why buy brocade? broadcom is of pursuing the strategy, which is get big war die. he is buying as much as he can -- get big or die. he is buying as much as he can, networking within data centers. brocade, not all of it, part of it, is isolated and he says he will keep what is good for that kind of thing. emily: what is he keeping? ian: something called fiber channel, which is basically the kind of chips that convert data into photons to send them around on fiber optics. he wants to keep that and get rid of the more conventional networking businesses, the switches, routers, and the wi-fi
1:36 am
stuff. emily: the ceo of brocade, lloyd carney. not sure if that is good or bad. what happens to him in this deal? ian: what happens to most people who sign on to work for hock tan at an executive level as they end up looking for work elsewhere? is very good at consolidating and saving costs, so that is normally his playbook. emily: qualcomm shares, fantastic quarter, but shares not necessarily responding. what is going on? ian: qualcomm had a very good quarter, said everything in china is wonderful and they got paid for a lot of licensing that they have been struggling. you remember the legal problems they had. when you look at what they are saying about the karen quarter, they lost -- current quarter, they had a problem with
1:37 am
one of their phones. qualcomm was a big part of that of ordersthe losses in the iphone and galaxy cancellation basically pulling back orders of some of its chips. emily: can the industry continue to consolidate at this pace and you expected to? ian: my data has gone from 30 companies to less than that so that is a fair observation. ceo saying asher recently as yesterday that small to midsized companies still plenty of room to get together. emily: other things to -- in play. thank you for breaking it down. facebook shares dipping in extended trading even after the company reported better than expected earnings. sarah frier joining us now. she just got off the phone with facebook cfo dave weiner. give us the highlights of what weiner has to say. sarah: he had to say that this has been driven by incredible
1:38 am
demand across all geographies and sectors. this is a very strong quarter for them. he also said instagram started contributing to the growth. it has been growing faster than facebook although facebook still contributed the most to the ad revenue this quarter. one thing you mentioned, the shares went down. that had to do with comments wehner gave on the investor call. he said it would not be increased next year in the middle of the year. the revenues were going to be hit materially. emily: explain how that actually plays out in terms of what we see on the site. sarah: you know how when you tucked in, it is between photos of babies and an article about trump? they do not want to add more ads. they want to keep the newsfeed the way it is and, you know, in
1:39 am
the past, increasing that add load has really increased revenues including in this quarter. this has been a quarter where ad-load was -- the responsible for a lot of growth. facebook has so many other places where can grow. it has not even really started to monetize messenger or whatsapp were any of these other initiatives. oculus is very much and it's early days. despite these comments that are causing stock to go down, there are a lot of other things facebook and do in the future. it is a wonder if result of engagement trains that -- trends they do not want to invite any further at this point. he talked to you about the video, saying video has been imported on a number of friends and important for our
1:40 am
advertisers, but i have to ask effortsah, about these to take the best of snapchat and integrated into facebook. first, instagram stories and now a camera first way to share, which is basically what snapchat is. what is your take? kicks offkerberg even the earnings call by saying that he believes that sharing through camera instead of through text will be the future. interesting tweets from a venture capitalist a week or so ago saying, i wonder if there are more people working on snapchat at facebook then at that chat? athas been -- than snapchat? they added stories to instagram, basically a copy of what snapchat does where you add videos that disappear. they are doing that with the camera on the main app. they have been testing it in ireland.
1:41 am
zuckerberg seems confident they will roll it out internationally. this is a big rivalry. remember, it views years ago, facebook tried to buy snapchat and now snapshot is preparing. emily: do you think any of these moves facebook and instagram are making, have they impacted snapchat at all? sarah: it is hard to say because you are talking about the opportunity. both of these companies are growing so quickly that may be snapchat would grow a little faster if it were not for instagram stories? may be there is a slice of the market they could be attracting right now that they are not because people are finding opportunity within facebook. it is hard to know what could have been. what we do know is that these two companies are really the future of the growth in social media. we see twitter not growing so much anymore. that chat and facebook are definitely -- snapchat and facebook are definitely extremely competitive. emily: sarah frier who covers twitter. snapchat, and
1:42 am
thank you, sarah, as always. competition and corporate messaging is heating up. teams, the new product is supposed to facilitate conversations in real time with team chatting, private messaging, and voice and video conferencing. the move places the tech giant squarely against industry leaders slack which welcomes the competition. flack took out a full-page ad in the new york times to give microsoft some tongue-in-cheek advice, saying business is "harder than it looks." coming up, toyota heading down the ridesharing road. we break down the automakers ridesharing get around, next. ♪
1:43 am
1:44 am
1:45 am
emily: toyota is the latest automaker to switch years into ridesharing. the japanese carmaker announcing apartnership with get around, san francisco-based ridesharing company. the test program will start in san francisco january 2017. the ceo joins me now in the studio. explain how this partnership will actually work? >> the simple way you can think of it as you walk into a toyota dealership and buy a car, finance or lease a car that you will share on get around and pay for the car out of your earnings to get around --getaround sharing platform. emily: you saw your first sort of burst of publicity before
1:46 am
uber and lyft where anything. i am so curious how the business and your philosophy has evolved as ridesharing has taken off? >> we see them as very complement three. the ship you are seeing amongst consumers is this move toward accessing transportation through a smartphone on demand. more and more people are moving arerd a world where they living car free and they need access to mobility services, so you can use something like uber or lyft and get away in a couple of entry way. -- in a couple of entry way. sam: it's changing how consumers use and consume transportation. that is creating a new market for getaround. emily: why would i actually want to own a car at all in the future? sam: you have a choice. we are making it easy to own a car for free, integrating
1:47 am
technology with that of toyotas to make it come that way right up the factory -- out of the factory. you might need a car every day of the week, but you can choose to live entirely car free. it is giving more power to the consumer and making, allowing them to make the choice and making things that much more fluid. elon musk is trying to do something similar to what you guys do. what the you make of the mosque plan -- musk plan? sam: it is great to see th elon embracing car sharing. for us, it it is really validation that this is happening and will happen faster and faster. emily: paint the picture for me in five or 10 years. it did you see a certain number of people will not want to have a car? some will still want to have a car but use it only themselves. what sort of percentage do you see? to 10 yearseve five
1:48 am
from now, sharing cars will be the predominant way people use a vehicle. the concept we have today of everyone buying a car and using it themselves is with technology advances, going to go away. it does not make sense. it is not sustainable. we have two hundred 50 million cars in the u.s. and use it 5% of the time. that is a waste of a massive amount of resources. you are seeing technology enabling consumers to be much more efficient and that trend is only going to tolerate. emily: how big a market do you think it will be for getaround? sam: this is a car market, the same as the ownership market. you're seeing a readjustment, a youge in the value of our own and operate vehicles as an individual consumer. emily: i want to turn to the larger industry now. uber announcing a partnership with gm's maven, a backer of lyft.
1:49 am
what can you tell us about this, eric? between a pilot program uber and gm. there is clearly interest for the two happening to work together more. general motors has been building out its own car sharing business called maven. eric: it wants to find ways to get cars out to consumers and also to businesses like lyft and uber. just: sam, you were not competing withuber and lyft and tesla, but also gm. what do you think will truly differentiate getaround from all of these different options? sam: i think our model is fundamentally different. these are people's cars that they are sharing with other people. we do not own a cars like maven. that is a fundamentally a big difference. we have been doing this for a number of years so we have developed quite a lot of unique technology and intellectual property in this space and that
1:50 am
is one of the reasons why toyota chose to work with getaround. they looked at all the partners globally and ultimately decided that what we have developed and how we see the future of the very, those two things are aligned. that puts us in a very unique position and we intend to continue innovating like we have for the past few years. emily: there are 10 of different automakers and write sharing services as of now. there are different permutations of how they serve customers. is there room for everyone or will there be some sort of consolidation? eric: i think there will probably be some consolidation, but at the same time, these companies see the same trends that show what they are growing toward. a move toward the city, a move away from car ownership. happen and more people are living in cities and the cities are crowded, they do not want to deal with managing their own cars, you could see a number of successful players in a number of successful models.
1:51 am
you take an uber around the city but want to go out for a hike or something and you rent, you use a car share, so there is room for multiple sort of ties of companies and players within those spaces, especially if there is movement culturally. emily: howdy self driving cars fit into your vision for the future? sam: we really welcome self driving technology. when we start to get around, we anticipated this would happen eventually. maybe first starting with the connecting part moving to the economist car, but that just makes our model that much more fluid so you can share your car with more people in more parts of the city. emily: do you see people wanting to own a self-taught in car just like they own a non-self driving car today or is the model for us driving car ownership different for car ownership as we have known it? sam: i think our ownership will change but we will still see individuals owning cars. you very well may see large fleets of large corporate owning
1:52 am
large fleets of a time as cars or self driving cars. what you will find is that the idea of just everyone owning a car will change. have thethink it will pendulum swing entirely to just a couple of companies owning all the cars in the world. emily: you are competing with some of the most boldfaced names in the industry. what is that like? sam: we just look at ourselves and try to be better than we were the day before and continue to innovate and really, we feel, getaround is uniquely positioned in terms of what we offer. we have many users who use uber who own teslas and use getaround ito when you look at that, is not that there is sort of one market here. there is a lot of segments and really it is about how you can work together to enable this real change and a secular shift in mobility. that is a massive shift and there is a lot of room for a lot of people to compete and work
1:53 am
together in that space. emily: all right, sam zaid. eric newcomer, who covers ridesharing. we thank you as well. coming up tomorrow on bloomberg , ando not miss jill stein her take on the u.s. presidential race with less than one week to go. this is bloomberg. ♪
1:54 am
1:55 am
1:56 am
emily: one story we are watching, amazon said to be weighing a bid for the state in the dubai-based online retailer. be at say the state would least 30% of the company. that would give them a value of billion dollars and help amazon with its goal of expanding in the middle east. -- in other news, electric vehicles and connective cars. it is the latest indication japan's automakers will join forces to cope with tech trends shaking up their industry. that does it for this edition of "bloomberg technology." tomorrow, we are talking about hiking in the election with ceo george kearse. check us out on the bloomberg
1:57 am
tech tv. this is bloomberg. ♪
1:58 am
1:59 am
2:00 am
that a stronger hint december could be the time for a hike. fears about the election continue to weigh on markets. the dollar heads for its largest losing streak in two months. silly in the spot -- selling in the spotlight. how will the bank of england react? earnings from credit suisse and socgen. the headusively from of

15 Views

info Stream Only

Uploaded by TV Archive on