tv Bloomberg Technology Bloomberg October 26, 2017 11:00pm-12:00am EDT
alisa: i am alisa parenti in washington, you are watching "bloomberg technology." let's start with a check of your first word news. president trump today declared the opioid crisis a national emergency. pres. trump: i will be looking at the federal government bringing lawsuits against bad actors. what they have and what they are doing against our people has been unheard of. we will be doing major lawsuits against people and companies that are hurting our people. alisa: the white house says today's house passage of a $4 trillion budget was necessary for a tax overhaul and sets the stage to give americans economic relief.
the vote will make it easier for republicans to get there tax reform plan through congress. the house also overwhelmingly approved bipartisan legislation today to impose new sanctions on iran. the bill looks to penalize tehran for long-range ballistic missiles but keeps the nuclear accord largely intact. theening this hour, government is expected to release the final batch of files linked to the assassination of president john f. kennedy today. this is in keeping with the new law passing in for full 1992 disclosure pertaining to the 1963 assassination. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am alisa parenti. this is bloomberg. ♪
emily: i am emily chang. this is "bloomberg technology." coming up, amazon's triumphant third quarter. we will crunch the numbers from today's earnings report that beat across the board and shredded estimates and expectations. alphabet putting up big third-quarter numbers and driving shares to an all-time high. we will put today's earnings reports and bets into focus. snapchat make fake news disappear. it is the only prominent social network that has not been dragged into the russian election ad scandal. how they did it, i had. amazon out with third-quarter sales and profits that topped analysts' estimates, showing investors it can run grocery stores, turnout gadgets, expand its cloud business, and invest in new markets all while , selling products online and managing expenses. shares rising as much as 8.2% in after-hours trading. for the first time, amazon is incorporating whole foods into the mix. the grocery store chain
generates $27 million in operating income in a period which included about a month of sales. joining us to discuss these earnings and more is bloomberg technology's olivia zaleski. james, i want to start with you. what do you see when it comes to to revenue strength? james: hats off to jeff bezos. what you see is acceleration. wholehen you strip out foods, it is a three-point acceleration on top of the acceleration we saw in q2. everything is growing faster than it was before. there is a lot of scrutiny. yes, north america dipped a little bit, but they are holding flat. you saw an uptick in the aws margin where there were fears about the pricing pressures. so all in all, a gold star. emily: olivia, let's start with whole foods.
they had a month of sales included. what are we seeing? of 21: we saw an increase million, which was based off of one month of sales. a lot of investors are curious to know how is whole foods doing , within the amazon brand, and what is happening here is a sustainable interest in the brand, or is it rubbernecking that consumers are having that they are interested in a huge amount of publicity around whole foods. emily: james, let's talk about the cloud. i usually spoke with the aws ceo who runs the cloud business. a business on track to multiply as well over the next decade. take a listen to what he had to say about growth in aws. andy: it is certainly growing really fast. i do not think any of us would have had the audacity to predict the -- it would grow as fast as it had. we always believed it had a
chance to be a significant business. emily: james, what are you expecting to see when it comes to the cloud business? james: it is interesting -- amazon originally built aws for themselves and then turned it into a product. i think you are seeing that success translate into other parts of their business. as you are looking to the cloud opportunity, obviously, there leaving -- horsemen a leading the pack. but when you look at which companies are turning out the figures, the iterative rate that amazon is putting out, there is only one company. they are putting out 700, 800 features every single year, and listening to what the customers want. aws will continue to be a source of funds for the companies to subsidize the other assets, which is what makes them precisely so dangerous. generated $21od million in operating income in that month.
olivia, talk about what else they discussed in this report. they really focused on consumer electronics. olivia: that is the fascinating part of the report. the focus on alexa, who you have in your home, you can order groceries through alexa voice services. the earnings report really showed it is a good strategy moving forward. all of these products and services are really integrated. it kind of reminds me of apple when apple was really hot several years ago with all the various devices that all spoke to each other and with each other and created this ecosystem so you did not want to go outside of the apple experience. we are starting to see that now with amazon. amazon's hardware efforts have not always been massive successes. you look to the amazon phone, the kindle got off to a bit of a rocky start. how much faith do you have in the new hardware efforts, whether it is the echo or the new service, amazon key?
james: i would say it is not as much on the hardware devices itself as it is on alexa because what amazon is doing is taking a page of google's playbook with android and making alexa completely ubiquitous, across third-party devices as well, forging partnerships with the likes of bmw, as of late. i think that ubiquity is going to open up more and more opportunities to gather data and also open up commerce opportunities, not just related to the options that they have on the site but more so getting you hoped on what the next iteration will be, to create a daily habit of ordering from amazon. -- are ahere are lots lot of buckets of opportunity, $500 billion to $1 trillion in value that the company has yet to unlock. after this quarter, this company is very dangerous. [laughter] james: sleep with one eye open.
emily: and amazon prime, obviously the subscription service, very key. olivia: yes, 59% and continuing to grow. that is another strategy with whole foods, getting customers to sign up for prime. you get your salmon a little bit less if you are a prime member. we will see that continue to grow, as well. amazon studios: have been part of convincing people to sign up. the tumult, the head of amazon studio designs resigned due to sexual harassment allegations. do you think amazon will be able to keep up the initial success that have seen? james: at the rate they are going, they are going in that -- neck with netflix. so i would not be surprised to see them surpass netflix and become the single strongest investor in content in the market. what i've not seen exploited that amazon have the potential to is sports. obviously dabbling in the nfl deal that they stole from twitter. but when you think
about these mega-franchise the nextcoming up in couple years, what company can operate at a 0% margin successfully that can spend a lot of money and hook a lot of people that way? content is still at the forefront. emily: in the meantime, the mystery around the future of amazon's second headquarters continues. we were up in seattle. we asked tony reid, the head of alexa, nobody would give us any hint. they claim it is above their pay grade and have no idea where hq2 will end up. do have any bets? james: i am reading the same reports you are reading. great sourcing from bloomberg. one point on that, though, before, i used to say amazon has the most regulatory risk because it has become so big, and consuming such a big part of our lives as it relates to commerce, but i think what you are seeing now is incredible savviness on
the political front, the rubberstamping from the fcc and whole foods. so i would venture to say from a regulatory standpoint, amazon is now the large-capm the entire emily: interesting. tech group. always great to have you on the show, james cakmak, and olivia zaleski as well. also reporting earnings after the bell. baidu issuing estimates for the fourth quarter well below the average. after hours,ng in causing concern for investors. ad crackdown around a sensitive political trafficking decreasing traffic during a normally busy fourth quarter. tech earnings continue, alphabets fourth-quarter report encouraging investors. we will dig into the numbers. and bloomberg tech is live streaming on twitter, check us out. this is bloomberg. ♪
emily: tech earnings in full swing. alphabet reporting a revenue of over $22 billion. shares of 5% in after-hours trading, well above $1000, an all-time high. google's ad business continues. over $24 billion in revenue. i spoke with the cfo earlier. and growingoutmna, political pressures. and we talked about strengthening this particular quarter. i speak with ben legg, ceo of adparlor and former coo of google europe. let's start with traffic acquisition costs rising to $5.5
billion, this is the money google paid to its distribution partners like apple to keep apps front and center on the phone. when asked about traffic acquisition costs he said it is growing substantially and reflects the change in partner agreement. we have a strong position in a growing area. how much of a concern is this? ben: depends a you define concern. , theirf mobile companies products are increasingly commoditized. they are looking for the maximum they can squeeze out of those revenue shares from google. i think it will go out. there are probably others where there is a lot of upward pressure for google in areas like display, revenue shares, as well. i think it is something that to a large extent we have to get used to. there will be a trend upwards.
togle doing what they can slow the growth. but i do not think it will reverse any time soon. emily: when you look at the numbers, it seems like most things are otherwise going in the right direction. what are the main highlights to you? ben: so obviously, there is the overall growth rate expectation. they have not really broken out where that has come from, but my bet is a lot of that will be coming from youtube. youtube has been doing really well. there are a lot of questions about youtube recovering from a whole brand safety scare earlier in the year. the evidence suggests they are. we have seen meaningful price increases. we have seen almost every single advertiser back on youtube, so that is certainly a highlight. beyond that, i think it is overall health in the ad business. clearly, there are a lot of other bets out there. the revenue is growing. at least when i have seen so far, there is no real standout
success. but clearly revenue growth is a good sign. to start being meaningfully prosperous, we will need a lot more growth yet. emily: alphabet now totaling $3.4 billion, and spending has dropped dramatically over the year. they spent $24 billion last year, this year is $77 billion. ruth porat says they are really spending less on google fire focused on developing the ,technology before expanding it. she also spoke specifically about how they decide where to continue to invest in other bets. she said "we are looking to create valuable businesses over the longer term. it is really a multiyear look at creating what we believe are multiyear opportunities," and mo, the selfout way
driving car unit. she said they are pleased with the progress they have made for safety and self driving cars. there is the sense that they are thinning out their investments in other bets. ben, what do you make of that? ben: i think they have to. they have to be disciplined. the reality is for google or for alphabet to build something that will meaningfully change their results or change the world, they need to focus on bets that can generate $10 billion in revenue. very few bets any company can make have a reasonable chance of building a $10 billion, 20 billion dollar, $30 billion business. they need to think through the things i can really change the world, generate a lot of revenue. alphabet has a meaningful, a good chance of being one of the winners. clearly driverless cars is a massive opportunity. it seems like alphabet is one of the front runners in that area.
i think they are right to focus there. i do not think there are many bets in alphabet where they say this is too small or we are too far behind. emily: have to ask you what is going on in europe, since you are the former coo of google europe, let's talk a little bit about this record e.u. fine they are facing. google has proposed a remedy whereby rival shopping sites will compete for space at the top of the search results pages. ruth porat told me they worked hard on this remedy, they feel good about it, but it is too early to tell whether they will come to an agreement with the e.u. how big an impact do you think this could ultimately have on the business in europe? ben: if their proposal is accepted, meaning that the google product search would be allowed to compete with, let's say, amazon or any other e-commerce site within the global world, there will not be
much impact at all. because in essence, the way these work is they prioritize google product search roughly based on how much , consumers like it and click on it anyway. that will just be a creation of rules for a little bit less intuitive reading between google search and product search, but it would be a very soft landing for google. if europe or to say google , cannot do product search, just let other advertisers compete and stop offering that format, that could be pretty bad for google. google's revenue from retail-related searches is probably something like 20% to 30% of all of its search revenue. clearly the money would not go away because people will still search on google, but you might find overtime, more and more consumers start their searches for amazon or other e-commerce sites instead of google, and that is when the revenue goes away. as long as people start their shopping journey with google,
google is in a solid place. but if they say all google does , is take me to other sites and i might go straight to the other sites google starts losing revenue. , it is a much bigger risk if they cannot operate some form of google product search. even if they have to create walls between them. emily: all right. i mentioned you were the coo of google europe. still very valuable to have your perspective. as always, great to have you here on the show. staying with alphabet, waymo is expanding its winter testing. next week, the autonomous vehicles will be testing in michigan in an attempt to see how the cars will respond in a mix of wintry conditions like snow, sleet, and ice. is another state where they will test autonomous vehicles. coming up, while many social media platforms are trying to find a way to get ahead of fake news, one company is ahead. how snapchat is succeeding where facebook, twitter, and google fail.
emily: popular streaming music service spotify is taking another shot at a video strategy. for the third time in as many years, they are rebooting their plans for video content. the company is canceling its plan for an original series. spotify has failed to gain ground in video. arene video ad sales expected to grow nearly 28% this year. while twitter, facebook, and alphabetic europe for capitol russiantimony in the meddling in the elections next week one , notably absent will be snapchat. snapchat has remained virtually ad bites. the secret to their success? good old-fashioned human beings
ting news stories. joining me is sarah frier. talk to us about how snapchat has remained remarkably outside of the fray. sara: snapchat does not think of itself as a social media company. wherehink of a place people can message their friends with photos and separately curated by ant host of media companies and snap itself. they are taking cure ration into their own hands verifying things , before it is posted, looking at user generated content and adding context to it. it is extremely different from what we see on the rest of the internet, user generated content being compiled and then shared and going viral. it is completely controlled. emily: why can't facebook do something like this? sarah: it is a completely
environment. on facebook, the idea is that anyone can say anything. something that you write can go viral, something that i write on a completely different subject, even i am in -- even though i am a journalist , maybe a talk about travel, it does not matter. i do not have to be an expert. but on snap, it is something where they have reputable news organizations, "wall street journal," "cosmopolitan," and all of these companies that have been in the business professionally for a long time, curating stuff for their own channels. snap owns these shows, and compilations of user generated content in the mix. emily: how scalable is this for snap? they are basically their own media organization. can snap grow this into a much bigger business? sarah: that depends on how much people want to watch it. there are definitely some tried and true ways to get your content to go viral on facebook, but content partners for snap --
people are not necessarily sharing or commenting on that stuff because there is not a way to do it on snap. it is going to be a completely different way of measuring success. it is going to take a while for media partners and advertisers to get comfortable with a new way of imagining what content and media can look like. emily: all right, sarah frier, who covers snap for us, thank you so much for joining us today. check it out in "bloomberg businessweek." coming up, we will have much more of the earnings bonanza. we will be talking about intel, microsoft, and twitter, posting strong earning results. is this a turning point for the platform? if you like bloomberg news check us out on the radio, the radio app,, and sirius xm. this is bloomberg. ♪
>> i am haslinda amin with the latest first word news. australia's government launched its majority after the high cannotuled the deputy pm sit in parliament because he holds dual new zealand citizenship. they can rely on the support of independent lawmakers ahead of a majority see, which he will seek. nissan said to have conducted 40 internal safety inspections as far back as 1979. a source tells bloomberg it will be in our report from an external investigation team.
they're likely to take responsibility. it will be submitted ahead of the november 8 announcement. nissan confirmed the investigation and said it will be released at an appropriate time. the u.s. is stepping up sanctions for north korea, imposing restrictions on senior military officials and the labor minister. andjong-un's council another targeted by the new measure. the campaign to get him to abandon nuclear weapons will be on the agenda, when president trump visits japan, south korea and china next month. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am haslinda amin, this is bloomberg. >> i am sophie kamaruddin with a check on the markets, kicking off the currency space. the dollar at a three month high in the euro continuing to drop after the ecb decision, markets
to the long with what is anticipated for the u.s. rate. aussie knocked down after turnbull lost his government majority. take a look at malaysian assets ahead of the budget announcement. the ringgit flag from malaysian bonds. they are adding zero point percent, rising the most since april. japanese stocks fueled by optimism around earnings, field for a seventh straight week. the hang seng adding nearly 1% this week. apple suppliers also climbing as iphone preorders begin. these chairs having a good having a goodres friday. icbc leads gains after their result. it is a mixed picture for chinese automakers. lost asll motor earlier much as 6.5% after missing estimates. it is a missing -- it is a
different story for another auto. that prompted morgan stanley to boost its price target by 76%. that is a market snapshot as we had to midday in hong kong this friday. this is bloomberg. ♪ emily: this is "bloomberg technology." i am emily chang. shares of twitter gained the most in more than a year after adding more users and better-than-expected revenue in the fourth quarter. industry watchers caution that more consistent performances needed if twitter can sustain user growth. but as one user put it, the bleeding has stopped. but here to break down twitter's selena wang, with -- has the bleeding stopped, is
that your assessment? >> they have managed that, cautious optimism. emily: that said, twitter has been miscalculating -- miscounting users for years. they only increase total users by 2 million because 2 million of their users were not actually using it. selena: what is shocking is they are only now realizing the mistake. it was only a couple million a year. that is not a huge impact, but it does show a bigger gain over some years. it shows that between two quarters in which it looked like users were stagnant. they actually fell. it is not a good time for them to be testing trust with investors and analysts about the quality and accuracy of their numbers. emily: melissa, does this miscount concern you? twitter simply having its own house in order? melissa: i think that is the fair assessment.
i am less concerned about the actual numbers themselves. there were not huge errors in calculation. so that is not concerning. but it does raise questions of trust in the validity of numbers. i should point out, however, that they're very large named competitors have said they mismeasured this and miscounted that. i think this news has a little bit of a bigger impact on them than some of its competitors. emily: selina, twitter has been piloting a number of new products. whether it is video streaming, moments. are we seeing any of these products having more traction than others? selina: interestingly enough, the businesses that grew the most were video advertising as well as their data licensing business, which is not talked about much,
but is growing at a double-digit rate. have been increasing about 14%, which is acceleration. but at the same time, they do not report the base of daily active users, which makes it hard for investors to wrap their heads around, what does this mean? but the biggest risk factor is that u.s. revenue is the most important advertising market, and it fell more than 10%. emily: meantime, twitter is making changes in how at least it talks about how they are working on the online harassment problem. twitter will be, along with facebook and google, testifying before congress regarding fake news, regarding russian infiltration of its platform. how concerning are all of these issues combined? melissa: i think for twitter, these issues are quite concerning. it is an issue of trust, not just investor trust and confidence, but marketer, user trust and confidence. they are trying to increase user
-- usership in a safe way. they have to show that they are creating a safe, comfortable environment in which to engage. and all of the press around questionable advertising and testifying before congress is certainly not going to do anything to increase user confidence. i think we also need to see more concrete answers about what exactly the steps are that are being taken to protect consumers from things like bullying and harassment. emily: meantime, selina, twitter has banned some russian partners from advertising. russia today and sputnik. talk about what has happened there. selina: it has been a swift change for twitter which had recently been battered over -- saying it did nothing in terms of russian influence, had a deeply disappointing presentation to lawmakers. now it seems they had a strong push to show they want users to trust the platform, wanted to be transparent. through that they banned russia
today and sputnik. they say they will take the money they made from them, donate that to accelerating research in that area. that is a total 180 because if you talk to outside researchers, most of them saying twitter has been anything but friendly to the requests to collaborate. emily: over the years there has been a lot of confusion about how many users are , bots? how big is a problem with online harassment and trolling? melissa, when it comes to the future growth of twitter, do you see twitter basically staying at this size for the foreseeable future, or do you think there is something out there that can truly reaccelerate user growth? melissa: i think there is always something out there. especially when we are talking about something as unpredictable, if you will, as social media.
yes, there are competitors but i will not name here that are , darlings, and who would have thought that 10 years ago? i think there is always something new on the horizon. whether that is ad-supported is in my mind a bigger question because ad-supported media is, to put it mildly, having its own issues. there is always some into accelerate growth, whether it is in their ad products or in other monetization opportunities remains to be seen. emily: all right, melissa parish at forrester research, thank you for joining us, as well as selina wang. the parent company of bloomberg news is developing a global breaking news network for twitter. speaking with earnings, the fortune of amazon founder jeff bezos surged as much as $6.6 billion in extended trading thursday, topping wall street estimates. if these paper gains hold through, friday's trading day overtake bill
emily: the weinstein company is close to supporting a lifeline. the beleaguered film studio, whose cofounder has been accused of sexual assault -- is close to retaining a loan of $45 million from the fortress investment group, according to a person with knowledge of the deal. it helps them away actions including a , possible sale and jobs cuts. this is after reports billionaire tom barrett will no longer provide the studio with a cash infusion. in the meantime, harvey weinstein is suing his former company for file to help them investigate whether he was wrongfully terminated. we are in the midst of a busy tech earnings season, and microsoft and intel also both reporting after the bell. microsoft's push into cloud services helped it beat estimates.
intel's product line helped it beat estimates for its fourth-quarter earnings per share and revenues. joining me to discuss, our editor at large, cory johnson. let's start with microsoft. cory: fantastic topline growth. $24.5 billion in revenue. give satya nadela a lot of credit for that. microsoft plus linkedin is more than microsoft, so we see that in the topline results here. but it underscores the stuff they have been talking about. microsoft has been giving lip service to it for a long time, but we are seeing results now. emily: let's talk about cloud. it is a huge bet for microsoft. they are obviously feeling competitive pressure from amazon. what about google and ibm? cory: they are killing it, and
google and ibm are not in terms of market share. dell getting very little mention. but also showing great -- great strength. google's business is not really showing up in spite of a lot of announcements by google. amazon web services is still the top dog. we saw the amazon results big time today. amazon results, we saw the growth in the growth area for the second in the last three quarters. the thesis was, microsoft had been starting to eat away amazon's growth rate, but amazon's growth rate is picking up a little bit. it is notable that it is positive, not negative, in terms of sequential growth, again, two out of three quarters, and we had positive numbers out of microsoft. you wonder if what we are seeing is what we see in most of technology. which is because of network affect, the number and number one two are so much bigger, and number one is so much bigger that number two,
that maybe amazon web services remain so much bigger than microsoft's web business. microsoft's web business will be bigger than everybody else. emily: satya nadella on the call saying they are seeing a record engagement on linkedin. and they are ahead of the plan in terms of contributing to earnings. cory: what we don't see is integration of linkedin into some new kind of crm product. we spoke with a guest on bloomberg radio who said in a year-and-a-half we will see a microsoft-linkedin product to compete, and that will be a game changer for microsoft. emily: let's talk about intel. how did the pc business do? cory: the pc business did ok for intel. it reflects the bottoms in the pc business when not as bad as they were a few years ago. but still, the data center of
the business is where the growth is. increasing it is the biggest part of revenue for the quarter. emily: what about the internet of things strategy? obviously, this is an important part of intel's future. they at first largely missed the transition to mobile they have , been catching up. are they going to be better with the internet of things than they were when it came to smartphones? cory: change is glacial. i do not mean because of climate change it is actually boring and , slow where it is very difficult to turn the ship here, and it takes so long to play for changes at a fundamental science level, which is where intel's new design for new architectures for new platforms. we see the decreasing importance of pc's slowdown the importance of iot and other things because the of -- because the pc business is still so dominant, the data center business is still so dominant. it is still a long-term bet for
intel that it is hard to see results. emily: what about artificial intelligence? will intel have a role in ai? cory: i think intel really sees its role as a data center that is benefiting from the cloud, benefiting from ai calculations happening on the cloud, they will really grow there. emily: all right, cory johnson, our editor at large, microsoft and intel. thank you. there are new developments on ng ge, heture of ho violated the code by dating a subordinate. this was after only four months on the job. coming up, bayer is making a big bet on agriculture technology that could develop self fertilizing plants. we take a tour of the life sciences center. and quick programming note, former hp ceo,
emily: spacex, google, and tesla topped the global list of most appealing companies for tech workers, according to a survey by hired. notably missing from the top 10 were amazon, uber, and airbnb. only two companies -- canada's shopify and another -- were based outside of california. bayer beat analysts' estimates with its proposed $66 billion acquisition of monsanto. the company has been slowly shifting toward becoming a
lifetime focus company. our reporter visited this section, a new unit of the company, that is investing in the growing world of agriculture technology. reporter: something is growing at bayer. the company is making a big bet it can make plants fertilize themselves. >> we believe we have the responsibility to solve the big issues. they may take 5, 10 years. reporter: according to the bayer life science center, one of the big issues is reinventing how crops grow. it is an effort to help farmers respond to a growing population and reduce waste. diminished lanza, you have to feed more people. that is why we believe the demand for self-fertilizing plants is the demand for the future. reporter: bayer's life science center is teaming up on a $100 million venture with ginkgo biloba works
and they aim to mimic genomes like those found in peanuts that automatically produce nitrogen and apply them to crops they do not have the capability, like corn, wheat, and rice. the ceo explains. >> we are taking the genetic design from the peanut microbes and moving and moving in over to the ones that like to live on vegetables. the idea being, they can start to self-fertilize. it can save farmers money and give consumers a more environmentally friendly food. reporter: fertilizer has raised concerns and is one of the most costly inputs for farmers. >> growers today are spending about $80 billion a year on nitrogen fertilizer alone. it is an enormous expense both in the actual fertilizer you are buying but also in getting it out to the field. reporter self-fertilizing :plants are one way to increase efficiency. the bloomberg agriculture index has lost half its value over the last five years.
that and declines in arable land amid population growth has boosted investment into agriculture technology companies like ginkgo bioworks. goldman sachs is the growing market may be worth $240 billion by 2050. >> we have to look at fundamental racers. simply put, they need an entirely different approach. they need 10 times the money 10 , times the time, if you will, it means mostly 10 times the guts, the brains, and the heart, and that is why [indiscernible] reporter: the efforts to reduce the fertilizer comes as bayer awaits proposal for its $66 billion takeover of monsanto, the world's largest seed company. >> i do not see a conflict there.
we would benefit by having this together. woulde try to develop perfectly fit with the seeds we would potentially have. reporter: bayer admits it is in the early stages. it is giving five years to see if it makes it to the crop in sacramento, california for further testing. emily: and finally, shares of expedia are falling in after-hours trading. the online travel agency is blaming the devastating hurricanes in the last quarter. the travel industry relies on a busy summer season for an infusion of revenue every year. expedia said recent national disasters cost the company profit between $15 million and $20 million. we will cover all of this when we speak with the ceo of expedia on bloomberg television on friday. that does it for this edition of "bloomberg technology."
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