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tv   Best of Bloomberg Technology  Bloomberg  April 20, 2019 4:00am-5:00am EDT

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♪ emily: i'm emily chang and this is "the best of bloomberg: technology." coming up, pinterest and zoom make their public debuts. we speak to the ceos of both companies. a global, legal battle that has dragged on for years is over. and apple and qualcomm have settled their differences.
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netflix gives an underwhelming forecast in its earnings results. but they back the ceo said they are confident that rival earnings will not slow momentum. lead, pinterest is joining a slew of unicorns. theke some big names making debut, pinterest is burning less cash. the company is taking a slow and steady approach to growth compared to peers. pinterest the ceo of after the company listed shares on the new york stock exchange. really talks to investors about how regular people use the product. people use it to get his ration for a range of things. from the food they come to the clothes they wear. it is really more about personal inspiration, less about friends, is not about celebrities. we want to make sure everyone
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understands that. you launched pinterest nine years ago and many companies have gone public with the with much deeper losses. what you feel now was the right time? >> we are really proud of the progress we have made to build up the business. we felt we were at a point with a business has reached a level of credibility and could be in the public market. we're also excited to have access to public market capital and the reason is many great companies have acquired others in the future. finally the we have a lot of patient investors, so it is a nice moment to provide liquidity. emily: some investors might look at pinterest and say you are just another digital marketing company. what makes your model unique to others? makeshink the thing that it special is that the reason people are on pinterest, to get inspiration and to do things is lined up with what advertisers want, to inspire new customers
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and them to buy products they love. it means that the ads can be additive as low as we do a good job of making sure their relevant. that is different from a lot of companies which can be a bit of it and attack. -- a bit of an attack. emily: one criticism is that the majority of user growth is international, where average revenue per user is lower. how much room to run is there in the u.s. in terms of growing users, or is it more of a story about increasing engagement? think there is a real opportunity to grow over time and increase engagement. forle might use pinterest one or two things, but they do not know the wide range of ways people use the product. i also have to say we are proud to be growth globally. was just a few years ago, the story would have been a u.s. based service, so it is
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fulfilling to know the product works all over the world. emily: what is the plan to grow international sales? >> we are just in the very first chapter of that story. we are just hiring our first local sales teams in places like canada. we're just at the beginning of the journey, but it will be a real opportunity to show the same great results to advertisers all over the world. do you see profits coming soon, and if so, when? or is your focus more on investing to grow the top line? >> we will continue to invest for the long term. we have seen great improvements, but my eye is always on what will make interest great -- pinterest great. we are excited to see him keep growing. is great atrest collecting dreams, but less so on executing them.
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what do you plan to better due to connect those things? we are always trying to help people bridge that gap. one area is making sure we match inspirational images with more and more products at a price point that matters and from retailers they trust. it enables people to upload all of their catalogs. we are investing in computer vision technology. and we are not just doing it with shopping, but all of the user cases. if you have a recipe, you can see ingredients, write reviews. if you have a diy projects, you can see others experiences. emily: you have played around with buyable pins, do you think that social commerce will be a thing? >> i don't know about social commerce overall, but i definitely know that our users often want to buy the things they see.
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we just want to make it easier for them to go from that inspiration to reality, which in this case, would be a purchase. --ly: that was ben silverman of they were not the only company to go public. this company went public on the nasdaq and i spoke with the ceo. >> we have finalized the price, today, it is out of our control. we just need to go back to work. emily: how do you live up to it? , i would say the market opportunity is huge. over $40 billion in market opportunity. the customer, they do trust us and our employees are also very excited. humble andwe stay
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continue working as hard as we can. i think we'll be ok in the long run. talked aboutave how zoom is a rare unicorn. should we expect you to grow profits? or focus on improving topline growth? we wanted to grow for sure, that is our global priority. time, we have to have a much more disciplined approach. we have to have the right balance and focus on growth. you were last on the show to talk about immigration struggles. has deniedvernment your visa eight times before they finally approved it. now you are taking a company public. first, i visited the view's
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office who finally gave me approval to come to silicon valley. i learned is to never give up, keep trying and working hard. but sunday, your dreams will come true. true, manyams coming years of hard work. cisco has begun to offer many features you know offer, your former employer, had you see competition? >> they are a great company, i was there for 4.5 years. i learned a lot and appreciated all of the support. we do not look at competitors. we always spend time on talking to our customers. we try to be the first to really understand customers problems.
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well.t our customer this market opportunity is huge. as long as we care, we will be ok. we do not specifically focus on competitors. emily: and what about google? why should they use your products if they are already using tools cloud products -- using google's cloud products? >> i am using them as well, google is great. youtube, but when it comes to videoconferencing, i think we just spend more time on that. we really care about our customer more than any other. that is why customers like our solutions. the feedback is a zoom just works, anywhere, any device. we spend more time and allocate more resources on that than any of our competitors. emily: do you see taking more
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market share away from competitors, or do you see meaningful growth in the videoconferencing space? >> good question. recently, we announced a zoom marketplace and have built a platform. now, we allow our third-party developers to build all kinds of application. videoconferencing is a brand-new market. it opens up so many new use it is a huge opportunity. emily: what are the opportunities you see beyond videoconferencing? >> video is a new voice. years, theyseveral are all going to migrate to the cloud-based solution.
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voices part of video, this is another growth opportunity. emily: zoom is more exposed to the chinese market them some other company. -- companies? what have you learned from navigating the chinese market? now, i do not think there are so many very successful software and service companies. , we might have to focus on that, but for now, we are very busy. the north american market, japan, australia, and europe. focusing on business productivity. and in the fure, focusing o marketing in india and china. for now, that is not our priority. eric: that was zoom's ceo yuan. after a devastating fire engulfed notre dame cathedral,
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it was broadcast online including a box of text. it was introduced to combat conspiracy theories, including those that questioned the 9/11 attack, but the software was stated -- mistakenly labeled it as footage from 2001. statement, a spokesperson said these panels are triggered algorithmically and they sometimes make the wrong call. we are disabling them for live streams related the fire -- to the fire. qualcomm signs a deal for royalties and chips with apple to and a global dispute. and if you like bloomberg news, check us out on the radio and on sirius xm. this is bloomberg. ♪
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emily: elon musk has already been warned about his twitter
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use, but that has not stopped in that him. forecast,eted another like the one that got him in trouble. got the fac to argue he was in contempt of a settlement. craig, what exactly happened this time? >> this is very similar to a post he sent in february. they said the company was going to build about 500,000 cars this year. that time, the in-house securities lawyer at tesla who was named to a position or hired as a result of a settlement reached out to musk and sort of worked with him to send out a follow-up tweet. it was sort of inconsistent with past statements.
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a deeper a bit of story where musk himself sort of contradicted a written statement on an earnings call. but in any case, they tried to clean it up. the fec took notice and reached out to his lawyers and we found ourselves in this contempt of court fight. for him to send this tweet was reminiscent of it, and based on just context, did not look like the sort of post that was run by a lawyer. it was in passing cap made in a reply to some person on twitter. it definitely read as though musk was doing something very similar, just casually talking about how the cars tesla is going to make. and they have argued that is material information and something he is supposed to get cleared with a lawyer. so, no question elon musk likes to fly close to the sun, which is what many love about him.
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but if the information is correct, is he allowed to tweet about it? this is why the judge said tong the case has put the reasonableness pants on, to go back and come to an agreement of what is and is not material and what the protocols are. changed andd it that has come through in the ways in which he and his legal the fece reacted to wanting to do battle over this. is moving toa simplify its ownership model and boost value. agreed toy has acquire liberty expedia holdings
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in a $2.6 billion all stock deal. the structure has been divided between two billionaires. one will become the largest shareholder with a 29% stake. to endnd qualcomm agreed a two-year legal battle over billions of dollars in tech licensing fees that threatened to jeopardize qualcomm's most profitable line of business. shares surged 20% on the news tuesday. we spoke toetails, our reporters. withis morning kicked off apple's lawyers giving their perspective and the contract manufacturers. after them, we were about 20 minutes of qualcomm finishing prepared opening remarks. becausenteresting
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-- emily: you are just on the show previewing what would happen. you have been covering the industry for decades, are you surprised they came to terms? >> remember what we said , he said that this is business and will work itself out. have seen this bitterness transformed in a second to a collaborative relationship. that appears to be what we have here. emily: apple and qualcomm have released a joint statement saying that they will be paying qualcomm. aat they have reached six-year licensing agreement as well as a multitier chip set supplied. can you tell us more? the only clue we have so far is that qualcomm has said this
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would be worth two dollars. analysts i spoke to has said that using that assumption, it looks like apple has agreed to pay roughly the same licensing percentage that everyone else has to pay. if that is the case, this is a victory for qualcomm. emily: can you put that into billions for me? i'm asking you to do math on the spot. way, annually, qualcomm is learned earning two dollars a share -- earning two dollars a share. so this is 50%, a lot of money. emily: is this apple waving the white flag? , more so apple putting the consumer and its flagship products ahead of litigation. this seems to be extremely important for tim cook personally. going after qualcomm for what
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they believed to be overcharging or double dipping. more so now, they realize we need to be in 5g. this is more of an admission they do not think intel is capable of giving them the 5g as they had been anticipating. it also means their own in-house chip efforts are likely ways off. that agreement will likely become a moot point in three or four years when apple inevitably has its own motives ready. -- modems ready. emily: interesting. and of the ceos were expected to , but does this mean the court issues go away? apple is saying they are charging too much, qualcomm is saying these are the patents, you have to pay. this is not going to change. >> remember the ftc trial accusing qualcomm of the
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practices you had just mentioned. we still do not have a result. but fundamentally, you have got technology and licensing. qualcomm has come up throughout its history, face legal challenges. managed to come up and large, fend them off. and aslikely to see more companies come and go, they're going to try and challenge this because it helps profits. emily: you have reported that apple had postponed 5g this year , perhaps considering it next year. does this mean apple could have 5g even sooner? it is too late for apple. bearing -- barring some miracle of engineering, i don't think there is a chance they have a 5g device on the market this year.
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but what this does is give them a cleaner and clearer path into getting into the market. the iphone 12 or whatever they call it. been some concern about being able to get the right amount of chips from intel with a processing power. out thet all goes window because you have the best and qualcomm, market leader now under an agreement for the next six years. emily: you are nodding. >> it is a technology decision. 18 months.s take the chip to make a loan takes three months, never mind, networks, integration, writing the software. it is not going to happen this year, this is not enough time. emily: bloombergs mark gurman and ian king. coming up, consumers will finally be it to buy samsung's full double phone.
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this is bloomberg. ♪
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emily: one of samsung's boldest of devices from her earlier this year, samsung unveiled the foldable phone. we got our hands on the device for a closer look. years ago when samsung launched a, expensive smartphones and there was a group that thought was a gimmick? samsung is hoping that will happen again. years ago when samsung launchedthis is a $2000. you can run three applications at once. the interface is intuitive -- barely intuitive, not as whenstent as i would like swapping between screens, but i have a feeling it will get better over time as samsung continues to invest in the style. when you open an outcome is basically a tablet, almost the
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size of an ipad mini but without large bezels. it has an imprint fingerprint scanner, a 5g version coming for international markets. this one goes on sale at the end of april in the u.s. in several colors, including this blue and gold. there's a silver, a black, a green that almost looks gold. overall, productivity users and business users will probably like this for the multitasking. you are able to pin three applications, you can be watching a video while looking through your calendar and taking notes. so it will appeal to those users, but the $2000 question is it will people want to buy these things so soon after they hit the market, given the technology is fairly early? i mark gurman for bloomberg news, new york. emily: coming up, netflix forecasts for new user growth trails estimates. what it means for competitors
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next. and we are live streaming on twitter, check us out. this is bloomberg. ♪
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♪ emily: welcome back to "best of bloomberg technology." netflix reports its first quarter results. last quarter was strong and the plot forward this platform added the most customers ever 9.6 , million customers. the forecast for the second quarter was underwhelming. netflix said they would add 5 million customers, short of the 6 million analysts forecast. price increases will slow subscriber growth for a brief period but will not affect growth in the long run. what about the competition that -- it might?
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marian montaigne and andre swanston joined us. andre: i think i may come off as very contrarian, but i almost did not care what netflix reported in q1 and their guidance for q2 is irrelevant to the long term outlook. netflix is facing huge headwinds when apple plus and disney plus, as well as the massive growth across free ad supported and connected tv solutions come in, i think q4 of this year is when they will for the first time truly have real head-to-head competition and it will be a challenge. emily: you are an investor in netflix. do you care? mariann: i care, and the way i see it as you will have some competition from apple but we do not know what it is. what they told us is slim. when it comes to disney, they
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can coexist with netflix. i do not think the parents will be watching disney after 8:30 at night. that is not the history of computers in general and cable tv in particular. those two together would still be under $20 a month and that is something they can coexist with. emily: i sat down with bob iger, the ceo of disney when they unveiled disney plus, and he talked about why he thinks the details of the service will be competition for netflix and all the rest. take a listen. bob: making them available on a new technology platform that is simply more modern and growing in popularity, at a price that makes sense with a user interface that is beautiful, that is why we feel confident. emily: he is talking about the entire disney vault, animated classics going back decades as well as original content. do you think customers will pay
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for that and netflix? andre: people like me that do not even look at their bill can, but a lot of americans cannot afford to and will prioritize. if we look at this as common sense, what business of any industry could you lose your best-selling product or most valuable products to the business right next to you and then they undercut you one price -- on price and it does not impact you? the real growth over connected tv over the last 24 months has likpluto tv and others.utions what netflix benefited from was kind of being the de facto standard across connected tv. if you bought a new smart tv or roku or fire stick, you had to get netflix, or else what was the purpose of having that device? now what people are saying across 35 million homes are you
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buy those devices and turn on something free with ads, and you can be selective how you add on top of that. for any home that has a child if , you are prioritizing budget, do you prioritize disney's whole content library or the content that netflix has? it is not really just children. "the avengers" others, as well as competition coming from warner and apple. netflix never had to face such direct competition. prices,ple are lowering they will be increasing them. emily: disney has got the "star wars" library. netflix has got first mover advantage. are you concerned about the forecast? and slowingcrase subscriber growth at the first time ever time there could be direct competition? mariann: i would say now is a great time to be raising prices
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because the unemployment rate is so low, the participation rate is so high, wage groh improving, and if you are going to take a price increase, now is the time to take it. if it is one dollar or two a month, i do not think it will crush anyone's budget. as i look out at the netflix situation they are growing very , strongly overseas. they leveraged the heck out of there content by dubbing or subtitles back and forth so , things made in india will be shown here, either subtitles or dubbed. there is a ton of leverage to be had out of the system, so we are positive on netflix. emily: how do you explain what happened with the stock today? shares plunged 9.6% after the results and now they have stabilized. what happened? mariann: you are asking me? emily: yes. mariann: people did not read through, and one of the things they did not read through was
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they beat on subscribers in the u.s. and overseas. when you look at that guidance for the coming quarter of 5 million, that is right in line with the consensus numbers we have seen. it did not knock the cover off the ball, but it was in line. i think people have to think back to the management guidance in recent years has been conservative. they have the more common attitude of, we are going to guide down and then beat. this has been more frequent in their situation. we expect them to beat next quarter as well. emily: netflix is competing with companies with big budgets. apple has $250 billion in cash but they are investing multibillion dollars in original content over the next few years. can they spend their way ahead of the competition? andre: netflix had a huge head start in terms of investing
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heavily in content. they will not spend their way out of this, because you cannot spend more than these other companies if they decide to dig in as well. there are opportunities netflix could take advantage of because they have been spending billions and billions of dollars for several years now. some of the content that is older, they could make ad supported. people have been talking about that happening. that is more of a reality and i think that is a way they may go. people are overestimating the loyalty that people have to netflix or any content in particular. the churn rate is much higher across households that do not have a child across any otc subscription service than those that don't. a lot of things would be concerning, regardless of what their numbers are for q1 or q2. emily: marian montaigne of gradient investments and tru
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optik ceo andre swanston. the billionaire founder of the company that assembles the iphone plans to run for president of taiwan. foxconn's terry gou will seek the nomination of the opposition kuomintang party. he said a mythical chinese sea goddess encouraged him to come forward to support peace with china. coming up can the hr industry be , transformed by cloud based services? one start up is betting on it. we speak with the ceo of namely. this is bloomberg. ♪
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emily: google and apple have complied with an indian court order to block downloads of the popular app tiktok after the government voiced concerns with illicit content. this move could handicap its owner in one of the most promising markets. i want to bring in mark bergen who has been reporting on this. interesting the indian government has intervened. other governments have not. the app has been concerning to a lot of people because you have a lot of children on this app, and concerns about sexual predators. mark: it is interesting on multiple levels. we have done some great reporting out of asia that india, like other companies in asia are adopting a more chinese model for the internet, more severe and draconian.
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india has a fairly conservative leading politicians, and they are going after a chinese company who has made a big push, claiming to have 120 million active users, and one of the few tech companies in china that has done well outside of china. they have a huge and growing presence in the u.s. this is an ai company that prides itself on its ability to take down content pretty quickly. emily: the case is still ongoing and they are optimistic about an opportunity that would be well received by 120 million monthly active users in india. really concerns aboutturbing concerns dangers to children and exposure to sexual predators. how is this different from youtube where a parent can upload their video of a child? mark: youtube will tell you no one under 15 watches their videos, according to their service.
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right now, musically, which was the app that became tiktok, had fine from the ftc around children's privacy concerns. groups are asking for lawa to look at youtube in a similar way. emily: i want to ask about the notre dame situation. obviously, it is a devastating story, watching notre dame getting essentially burned out, and in the middle of that on youtube, this box pops up that labels the burning of notre dame as fun-loving. what happened? mark: youtube said there was an algorithmic wrong call. the best we can decipher is their image recognition technology saw an image of a burning facade and the software determined at looked like an image of 9/11. emily: there could be lots of burning facades. mark: there are lots of cases where youtube over the years has been hammered for pushing conspiracy theories like 9/11
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was an inside job. this is a precaution they are taking. it goes back to the point with tiktok, a chinese company that prides itself on artificial intelligence, google is arguably the world's leading ai company and ai is not perfectly there to solve the problem. humans cannot look at this, they are saying 500 hours uploaded a , minute, so if you have humans looking at that, this is an interesting case where this is a breaking news event and you would think someone in the company would say, let's look at all the videos of fire, because that is where people would be drawing attention. they are still relying on machines and software. emily: it is having to find -- -- find the balance between what machines can do and should do. thank you for that update. elon musk's spacex has won a nasa contract to play a
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real life version of the arcades game asteroids. the goal -- to demonstrate the ability to deflect an asteroid by crashing a spacecraft into one at high speed. the test mission is targeted for a june 2021 launch on a spacex falcon nine rocket. for many that run an office hr , operations remain one of the biggest headaches in the workplace, but can tech streamline how the ai industry works? namely thinks so, and offers a cloud-based platform for small to midsize business. 75% of their clients say namely has increased employee engagement and 72% say it has made their employees more productive. the ceo joined us on monday. elisa: our software is so different because it is a full solution for a midsize company. midsize companies have small hr departments but the same problems as a big enterprise.
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the have to manage their workforce. they have to drive employee engagements. they have to understand data and insight, and namely puts it shop thatn a one stop is easy for them to use. at the same time, we provide an engaging platform directly for the employees. emily: are you competing with folks like benefits, gusto, workday, or old-school hr? elisa: those companies do similar things but target from customers. we are targeting 100 to 1000 employees. it is usually a competitive situation of they have not adopted tech yet. they have this opportunity to modernize the workforce. emily: what is interesting about hr is that you are at a critical entry point where employees are coming into the organization and you are managing employees throughout the organization. as we talk about issues of bias
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in the corporate world in general hr can play a critical , role, as well as technology hr representatives use. is that something you are thinking about? elisa: one of our newest and most popular products will provide data and insights to help them understand their workforce, and benchmark that against our other clients so they understand, how are we faring on pay equity, how are we faring on diversity? how are we doing in promotional opportunities? they can look at that in the context of namely data and give themselves a scorecard. emily: talk about the biggest biggest -- talk about the biggest hurdles when it comes to modernizing hr and creating an hr workforce for the modern world. elisa: typically, hr has been in a function that has not been able to be measured well. emily: not that it is not prioritized. elisa: in midsize companies, they usually have a department of one or two if they are lucky, but they are trying to maintain workforce, retain their
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talent attract talent. , it is really important for their success. emily: you stepped into this role a few months ago and have just done a massive funding round. the ceo was pushed out after an investigation that showed absence inconsistent with wis expected from namely leadership. can you explain? elisa: namely is a strong cultural value system and when an employee has behavior that does not align with that, they do not have a place at the company. unfortunately, that happened with our ceo. i was on the board at the time, and i stepped in. i am happy to say i am there now as the ceo. emily: that was elisa steele, ceo of namely. still ahead, digital health company everlywell wants to put health tests in the hands of consumers. how it is competing with the likes of 23 and me and other direct to consumer health
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startups. this is bloomberg. ♪
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emily: in the last year, americans borrowed an estimated $88 billion to pay for health care, with one in four skipping a courtt due to cost, to a study by gallup and west health. the start up everlywell wants to
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democratize the system, offering a suite of at-home lab kits. over 3500 panels including food sensitivity and std's. since 2015, it shipped over 275,000 kits and now the company have secured $50 million in new funding to expand their business -- digital platform. founder and ceo julia cheek joined us to discuss. julia: everlywell is transforming the $25 billion lab testing industry. the kits themselves are a way to make the process more accessible and convenient for consumers. we actually work with fully certified, regulated labs that have been around for a long time working with physicians and hospitals and are using existing , technology to be able to make a service thatis suitable for home kit collection by a consumer and mailed off and resulted in a certified lab. emily: talk to us a little bit about the technology and how
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proven it is. any time you say at home testing kit, that can raise some alarm bells when you are doing something outside the doctor's office. how proven is the technology? julia: everlywell is the connector. testing technology or assays, and all of the labs we work with preexist our company and have been in business years or even decades. what we are making easier is the home collection process of a sample, using materials that bdated and are cleared for use via several regulatory bodies. the testing itself is just as accurate as the same test that your doctors and physicians typically use, and we work with an independent physician network
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to review the orders and results, as well as work with physicians across the country that consumers share their results with. emily: your tests are not fda approved and some of the critics say this is the way to get around fda approval. how do you respond to that? julia: laboratory testing in the united states is regulated by two federal bodies, fda and the center for medicare and medicaid services. cms is the regulatory body that currently regulates the test ourly well offers through network of labs. that is generally through a body of legislation. all of the labs we work with meet and exceed federal regulations for lab testing, as well as meet or exceed the state-by-state regulations. should the fda choose to regulate our type of lab testing, we would be excited to engage with them on that. emily: how do people understand results show, whether they really have a food sensitivity or if it is a sign of something more like an eating
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, or if they have disorder? can the tests tell you that? julia: we are making it accessible for consumers to get accurate, insightful, and clear lab results that are reviewed by independent board-certified physicians, and available and encouraged to be shared with consumers' primary care physicians. in fact 80% of our customers , have a primary care physician and 60% report using these results directly with their physician. the goal is really to provide a service that closes the care gap of consumer compliance around lab testing. something like 40% of americans do not get testing due to fear of cost, and we hope to increase that rate so it is useful for people, and then they can work in conjunction with their health care provider in their own health and wellness plans to improve their health. emily: if you like it or not, you are compared to theranos all the time. i realize they were creating
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technology and you are not. however, the sort of spectacular failure of theranos is very fresh in the health tech industry. what can you say to assure consumers and your customers that everything you are providing them is sound? julia: the most important point about the everlywell brand is the network of labs we partner with work already with physicians and hospitals and existed befo we hd this digital model to allow consumers to initiate test orders. they are relied upon by many of the top physician networks in hospitals in the country and we larger labs in the country as well. obviously, there has been parallels made, but the most important point is we are really connecting people to proven technology, similar to what a warby parker model did, connecting people to more
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affordable esses and a physician prescription service, and not creating anything new. emily: ceo and founder, julia cheek. that does it for this edition of "the best of bloomberg technology." we will bring you the latest in tech all week. we are livestreaming on twitter. check us out at technology and follow our global breaking news network tictoc on twitter. this is bloomberg. ♪
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jonathan: from new york city, for our viewers worldwide, i'm jonathan ferro. "bloomberg real yield" starts right now. ♪ jonathan: coming up, getting a mixed read on the u.s. economy. retail sales looking good, services data disappointing. signs of weakness in europe. german manufacturing struggling to bounce back. all of the uncertainties bringing a bid back to government bonds. 10 year bund yields heading back toward zero. we begin with the big issue, struggling to get a read on the global economy. >> china, europe. >> the eurozone. >> the u.s.


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