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tv   Bloomberg West  Bloomberg  December 7, 2013 7:00am-8:01am EST

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>> live from ebay headquarters in san jose, california. welcome to a special edition of "bloomberg west." inside ebay. it started as an auction site, but in the nearly 20 years since, ebay has become much more. a massive online marketplace, a major player in online payments through paypal. along the way, the company transformed from a scrappy upstart to bonafide silicon valley leader, bringing in billions annually. today "bloomberg west" is at the center of it all, inside bay. welcome to ebay headquarters in san jose, california. for this special edition of "bloomberg west." i'm emily chang.
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i'm on the set with our editor at large, cory johnson. our jon erlichman is inside at the commerce and innovation center. wire going to be covering it all today from how ebay has gone from auction house to ecommerce juggernaut. we're going to be talking about connective glass on the store front and we're going to be talking about ebay's same day delivery service. amazon may have drones, they may be working on drones, but ebay can bring you something in one hour. >> i love this story because it is such an interesting company. people think ebay is one thing and it is something very different. >> right. right. >> i do not think they understand how different this business is. >> so it is really cold and i forgot my gloves. i'm getting some gloves delivered to us. >> how come we're outside. it is 39 degrees in san jose, california. >> let's go inside. let's go to jon erlichman. he is at the commerce innovation center. what is that all about? >> it is a really fun place, quite frankly. i feel like i am back at the mall as a teenager. they have a guitar shop. although i have got to admit i
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do not play guitar like cory johnson. you have got a place where you would obviously traditionally do your shopping, which is created to try to show off some of the technology that ebay has in this whole changing retail space where you now can you something like paypal or even just your phone or your tablet. a clothing store. we're going to go into a really in depth look at how ebay transforms its and get ready for the future, basically. >> all right, jon. we'll have much more on ebay's business throughout the day. but first, i want to go through ebay by the numbers and tell you how much the company has grown over the last decade. here's a look. ebay, the global e-commerce and payments company, with more than 31,000 employees in 33 countries round the world. driving three different businesses. there is the online marketplace, where 124 million active users bikers sell or bid on more than 500 million items.
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in the u.s. alone, a flat screen tv gets sold every six minutes. men's unglasses, a pair every 18 seconds. and globally, every minute, 362 pieces of clothing, shoes or accessories are sold on mobile devices. then, there is paypal. the digital payment where people send or receive money 729 million times last quarter. that is more than the populations of the u.s., south america and australia combined. you can pay in 26 different currencies on paypal ranging from the turkish lira to the japanese yen. finally, ebay enterprise, helping bring technology like touch screen walls and mobile payments to more than 500 of the world's biggest retailers and brands like levis, mattel and sony. all of it adding up to more than$14 billion in revenue for ebay last year. >> for more on ebay's booming
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business, i'm joined now by the man who is responsible for turning ebay into a global e-commerce platform and a leader in mobile payments as well. john donahoe is the president and c.e.o. of ebay. under his leadership, ebay's revenue has grown from $9 billion in 2008 to over $15 billion today. congratulations on that. this is a big time of year for you. >> we're happy to have you here and happy to host you at our innovation center. >> let's talk about thanksgiving. how did it go for ebay? >> it was a very strong week. what is changing is that it has never been a better time to be a consumer. technology is changing how consumers are able to shop. so, for instance, it is no longer just around black friday. it is now what we call the cyber five. it started on thanksgiving day. where people could start shopping sitting on their couch, getting ready to eat turkey. they can start shopping on their smartphone or on their tablet or on their laptop. that continues throughout the holiday weekend. for that five-day period, we saw company-wide between ebay,
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paypal, stub hub and all of our properties, ebay enterprise, we saw a 96% increase in mobile commerce volume. >> that's incredible. i'm pretty happy because i got 50% of my shopping done. are you done? >> i am not quite done. i'm getting there. >> you have been busy preparing for us. now going into the holiday period, you guys were a little nervous. you said you had angst about the commerce market decelerating growth. how do you feel now? do you feel a bit more optimistic? >> we're cautiously optimistic. i can't comment anything during the quarter. >> right. >> but at that time, also we had -- we didn't have a federal budget. we had a government shutdown. so i think as things have come into the fourth quarter, you know, our hope is that consumers see there is great deals out there, great opportunities to get great gifts for their loved ones. we're trying to make that as easy as possible for consumers. >> it was the biggest online shopping day ever. on cybermonday according to i.b.m., shopping up 20% or so. but growth is still slowing
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down. that is the reality. one of your big strategies is connecting online and off-line. let's talk a little bit about connective glass. this is something cool that you are doing. you tested it in new york. now you're in san francisco. how is that going? >> just what you said, we used to think in terms of either shopping digitally or you're shopping in a store. what mobile technology is enabling is that line to blur. so that you can have a seamless experience that has technology involved with it, but you can have choice around how you actually receive the item. so what we started was kate spade saturday in new york is on their store front putting literally a touch screen so that as people walked by, they could shop. and have it then delivered to them with ebay now. we have extended that into the westfield mall here in the bay area. we have these gigantic touch screens where consumers are walking by, can engage in a large touch screen experience. see what they want and either
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have it delivered to them or -- here is a great example. sony has a store in the mall. sony has a touch screen at another place in the mall. so a consumer can be shopping for it and decide if they want to go over to the sony store and pick it up and buy it or have it delivered to them later on at home. >> and you have said this is not just an experiment. this is going to scale. how fast do you plan to scale this? well, it is like anything, emily. how we approach innovation, what we are good at is consumer innovation, creating new experiences. >> right. >> so just as with ebay now, which is the ability to buy something on ebay from a number of different retailers to have it delivered to you in the moment, just like you brought some gloves today. >> right. i'm waiting for them. >> and they are coming because you wanted them within an hour. you wanted them today. we started that in one city and then we rolled it out to three and now to five and we'll go to 25 next year. things like touch screen and touch glass windows, we started n one or two regions and
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we'll slowly roll that out as we get the consumer experience right. >> what about the perception problem? a lot of people still think ebay is auction. you're much more than that. that's what they still think. >> the proof is in the pudding. 70% to 80% of our items are fixed price. you see more and more people coming to ebay. the growth has been accelerating all year long. more and more consumers are coming to ebay. they like what they see. they are telling their friends. perception takes time to change but we see consumers responding. >> what is the goal? to be amazon or something different than amazon? >> well, we're very different in that our focus is on enabling commerce. >> are we to assume that anything we want should be available on ebay? >> yes, anything you want. including, we're partnering with retailers all over the world. we don't compete with them. you can go on ebay today and get things from bail serls all over
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the world like best buy. >> on ebay, -- >> you can get good from all over the world. you can go on today and get good from 20% to 25% of our transactions across the border. so anyone that sells on ebay can reach 130 million consumers all over the world. the same thing is true from outside. >> what about some of the other competitions? facebook, pinterest referred a lot of traffic over the weekend to esome commerce sites. do you think of them as referrals? >> technology is changing options that consumers have and how they can shop and their choices. so our focus is on commerce. what we're good at is connecting a buyer and seller to do a successful transaction safely and reliably. that is our piece of the pie and a growing piece of the pie. it is growing from a $1 trillion
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market to a $10 trillion market. we think there is plenty of opportunity for us to be very successful and others as well. >> all right. well, we're going to talk a little bit more about payments after this quick break. john donohoe, the c.e.o. from ebay. we'll hear more from him in a moment. as i mentioned earlier, amazon may be working on delivery by drone, but ebay can already get you your packages in just one hour. something amazon doesn't offer. that's next right here on this special edition of "bloomberg west." ♪
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>> welcome back to our bloomberg west special inside ebay. we are broadcasting live from ebay's headquarters in san jose. i'm emily chang. in the world of same day delivery, time is money and ebay has an advantage over its competition. they promise same day delivery in an hour. something amazon and google don't offer. we're going to tag along with an ebay courier later in the show but first i want to bring back john donahoe, the president and c.e.o. of ebay. i'm waiting for my gloves. the valet has been very polite. she called me welcoming me to service. she is on route. she has already found my gloves. let's talk about ebay. can you give me any numbers? >> we're not publishing any numbers now. what we have done this year is
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in three cities, we partnered with retailers so that when you have a situation, you want those gloves and you don't want to wait until later this afternoon and pick them up in a store, you want them now. as you saw, you just go on ebay now and the courier will have them to you within an hour. >> why not tell us more on actually how it is going. when i downloaded the app, there were only a few reviews. why not? >> we're building a new consumer experience. you have to get the experience right. the consumers that are using it like it a lot. evidence that we think it is successful is we have expanded it from one market to three. three to five. as we were talking during the break, we just bought a company called shuttle. it will help us expand to 25 cities across the u.s. >> amazon made a lot of headlines a few days ago talking about delivery by drone. they are working on an octocopter. re you going to show me an octocopter today? i was sort of hoping i would see one. >> we're not focused on long-term fantasies. we're focused on things that
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will change the consumer's experience today. >> so you think it is a long-term fantasy? >> we'll see. >> other companies are also experimenting with google. google has a shopping service. do you think they -- how do you have an edge on that? >> you know, what we have is 130 million active consumers that come to ebay intending to shop. we have paypal which makes payments easy and safe. so we start with an enormous advantage of an ecosystem and a willingness to partner with retailers. not compete. there will be a lot of people trying a lot of different innovations. our focus is on delivering a great experience the consumers here and in the rest of the world. >> speaking of drones and moon shots. they just acquired a lot of robotics companies. do you think it is important to have a moon shot mentality to work on and be thinking about far-reaching ideas? >> i think bold innovation is important. but our focus is around commerce. the notion of making a store front window, i would call that
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a bold innovation. the notion of saying you can get a product delivered to you within an hour, i would call it a bold innovation. five years ago what we were doing with mobile was considered bold boldinnovation. by having those moon shots be really focused in our area of competence, they can grow to be important businesses. >> paypal is now 42% of the revenue that you guys are bringing in? when does it become the majority? >> you can do the math. it is only a couple years out. paypal can serve the entire commerce market. what paypal is doing is making payments safe and easy. we always said in our mind we're the clear leader in online payments and now mobile payments. now paypal is getting pulled into the offline world. the reality, emily, is people like to shop. no one wants to really pay. and paypal is making it easy to shop and making the payments a frictionless experience. >> you guys brought braintree.
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$800 million acquisition. a pretty big acquisition. what is the strategy going to be for next year? small tuck-in acquisition or bigger -- >> the braintree acquisition is a great example of what we were just talking about. braintree initially powered hoover. you talk about buying and ordering a hoover. you're shopping and not really paying. we'll continue to grow in those. we're bringing the same principles to the offline world. beacon, which is what we announced. allows me when came in this morning and i went into the starbucks in our lobby. i walked in and i had my mobile phone in my pocket. i didn't pull it out. i don't carry a wallet anymore. when i got to the front of the ine, the barista had my name and picture on the cash register and said john, would you like the usual? when i bought it, she pressed click and i got a text on my mobile.
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>> we'll be talking with the president of paypal later in the show. hat about china? alibaba had a big day. how do you get in on that action? >> we have a strong export business in china. we enable sellers to reach consumers all over the world. this year we'll do $6 billion to $7 billion of volume of chinese sellers selling around the world and using paypal to reach consumers all over the world. so we have a strong presence in china, but it is just a cross-border presence. we're not currently competing in the domestic market and we'll continue to look at that. it is early days in china. we'll look at that in the next many years. >> sheryl sandburg wrote about you in her book. you have been very vocal about how you and your wife who is a working career woman have balanced work and family. you have done a lot to elevate women here at ebay. any advice for working dads on
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how they can help women? >> i just think in my case, my marriage is a partnership. you can argue that actually my wife is my boss. we have worked hard to balance dual careers and raise a family. for me, this issue when i come to ebay is one of just competing and winning. if we're going to be successful, we have to have the very best people. by definition, half the people in the world are women and we need to have the best women and men and have a diverse team that can lead to the best possible decisions and execution. i think it is a matter of good business and it is also a matter of being in my case a good husband. >> that is good to hear for myself as a working mom. thanks for having us here. >> thank you. >> when top tech companies try to attract new talent, free perks are often a way to persuade potential workers. the culture of ebay has some asking where is all the free stuff?
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more on that next. first, jon erlichman has been checking this place out. take a look. >> one of the interesting things you'll find is an 11 by 11 wall of pez dispensers. as the story goes, the founder's wife was a pes dispenser collector and that played a bit of a role in the creation of the company. me, i'm partial to the chewbacca pez dispensers. attaboy chewy. ♪
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>> welcome back to a special edition of "bloomberg west" inside ebay. i'm emily chang here at ebay headquarters. with jon erlichman, our senior west coast correspondent. guess what? we have good news. >> i heard. >> my gloves have arrived! my fingers can now be warm. thank you so much. thank you so much for keeping me so well updated throughout the process. this is what i got! aren't they kind of cute? >> i like them. >> they are kind of cute. in an hour onset, that is pretty good. thank you so much. it is really, really great to meet you. thank you. >> have a great day. >> thank you. i'm excited. ebay and john donahoe said they are exploring a lot of new areas and they need a lot of people to make those things happen.
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we wanted to find out what kind of perks do they have here at ebay? is that important? here is a little more on that story. >> from the free gourmet meals at facebook to the ping-pong tables at google, silicon valley is known for offering plenty of employee perks. ebay takes a different approach. >> we have a variety of different perks but that is not how we ask people to join our company. >> sure, there is a free gym and shuttle service, but employees pay for on campus food, dry cleaning and massages. >> people come and they believe in our purpose. >> that purpose is to enable $300 billion worth of global commerce by 2015. they are adding to their army of customer support staff. already more than 31,000 strong. roughly 40% of new hires come from their intern program. there were 800 interns this year.
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a group that may not care as much about the freebies. >> they care about impact. they care about the impact that the company makes on the world. >> and by recruiting from 300 schools globally, they get a few -- feel for how the next generation views its brand. >> when you ask young people what they think of when you say ebay, what kind of feedback do you get? >> what is interesting is that ebay has changed so much in the last few years. not all the students realize that. sometimes they think it is just an auction company. >> ebay has hired 500 new graduates this year. even as its ranks grow, the business is growing faster. >> we're an internet technology company that works on a platform. the sbenks intention is to grow the business without having to grow the number of employees at the same rate. >> there is a little bit of insight in how it all work behind the scenes. >> good to hear. pay pal's c.e.o. will be coming
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up we'll be with him next. ♪ >> welcome back.
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we are inside ebay and we are live. we are in san jose. right now, we are inside the commerce and innovation showcase. jon erlichman is here to tell us what it is all about. >> they build these elaborate sets in hollywood to try to re-
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create what happens in real life. ebay is doing the same thing to test out their technology. they need to explain how this whole world of commerce is changing. here is more on that story. this looks like a shopping mall. >> this is where the honey mustard is. >> it is not a store at all. it is a fake storefront staffed by actors to demonstrate the future of shopping. >> this is our technology playground. it gives us a chance to showcase what is on the market. >> he is the chief product officer. it is his job to push paypal into brick and mortar retail. >> you look at what e-commerce retailers for able to do for online shoppers. they made a custom storefront. none of that existed today. >> that means that everything from replacing cash registers to figuring out how to make shoppers comfortable.
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there also partnering with brands. >> this is interactive glass. we turn a storefront into an interactive store. you walk up, you touch the glass, you select the product. put that in your mobile phone. it is really easy. >> last quarter, paypal use moved $600,000 every second. the revenue was $12.6 billion. >> we have moved money from consumers to merchants. we take a small transaction fee. >> the mobile payments crowded the field. companies compete for the action. >> we have active consumers who use the paypal wallet to shop. that is a meaningful advantage.
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we have her relationship with the consumer that goes beyond just sixteen numbers. >> for a place where there is technically no shopping, it is pretty busy here. there are a couple of partners per day. >> that is the best acquisition that they ever made. i went to head out to cory johnson, who is standing by with the paypal president, vid marcus. >> this paypal business is fascinating. it is growing like a weed. the building that we are in was once mostly ebay. about 10 years ago -- but no more. david marcus is the president of paypal. how many employees are paypal versus ebay? >> there are two campuses. this is the paypal campus. the other is the ebay marketplace. >> how many people work for paypal? >> about 13,000. >> is growing on a revenue basis.
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what is it that you think has changed about paypal? when ebay acquired paypal, it was losing hundreds of millions of dollars per year. it was a competitive purchase. now, as a stand-alone business, it is doing quite well and growing at double digits. >> e-commerce is growing. more people are buying on mobile. paying on mobile. during the shopping season, this year, both black friday and cyber monday -- over 90% more consumers used paypal to buy things than last year. >> those were numbers that i could not believe. 91% more sales on thanksgiving. 99% more on black friday. that is incredible growth. why is that happening now? what are you learning about this year's shopping? >> people do not want to be in busy stores. they prefer to buy online and on
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mobile. especially mobile. it is growing like crazy. >> because your growth is so great, can you see the results of what is going on? or is your growth just too big to see? >> we can see it. in europe this year, we saw that the economy was slowing down. we had to compensate. the team really fights when those things happen to try to compensate for the macro. we try to compensate by being more aggressive and getting more merchants and doing more promotions. we are their share of checkout volume. when we have macro events, the team tries to compensate. >> in the u.s., your growth is hard to see at a macro level. what are you seeing on the economic environment? >> this quarter was slow to start. if you look at the holiday
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shopping season, it was pushed late. other than that, things are looking better and better. >> you have done so many acquisitions. talk to me about beacon. we were just talking about this. how do you describe it? >> we want to change how people shop. people love shopping. they hate paying. >> is that because they are cheap? >> everybody is like that. we want to remove the friction and make a completely invisible to pay. with beacon, we did that. you can go into a coffee shop, like you did, and you just walk in. your phone vibrates, so you know you are checked in. your photo appears on the point- of-sale system and you pay completely hands free. >> you do not have to go to another cash register? >> we have point-of-sale systems that check in.
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it enables any retail store or copy shop or restaurant to enable that. >> so, you have these 30 systems. how many point-of-sale locations are you in? >> in the u.s., we have over 100,000 locations. i do not want to estimate. >> you can if you want. >> no, i cannot. >> it is a full disclosure interview. >> with locations in australia, it is tens of thousands of locations already. you can pay at the table. you do not have to wait for your waiter. >> are there still innovations to be done? why should you pay online? you can make the purchase in the aisle and leave. are you looking at those innovations still or are you there already? >> we're there already.
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we're not in applications and that is what it is going to be about. scaling. >> i was talking to people about talking to you and one of the things that i heard back was that there did not seem to be a great consumer awareness. are you going to launch a consumer facing marketing campaign for paypal? >> yes. >> when? >> in 2014. we needed enough experiences out there. this was the year where we reinvented all of our products. we have a lot of new products and new experiences that we need to push out. 2014 will be the year where we invest and show consumers. >> you just acquired a company called braintree. what did they have that you thought you could not build in time? >> we need to be the payment's os.
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any disruptor that wants to build something completely new that involves payment -- they need to be on top of paypal. >> you use braintree to process payments. >> 100% of the payments now go to paypal. >> as good as it has been, growth has been slowing down. down 18% year-over-year. this growth need to re- accelerate to hit the targets in 2015? >> it was 20%. yes. we think that we still have a lot of growth ahead. mobile is growing fast. we're going to start seeing the benefits of all of our efforts. not in 2014, but in 2015 and 2016. we can reaccelerate the revenues.
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>> reacceleration of growth is interesting. david marcus runs paypal. thank you very much and interesting stuff. up next, we will look at another part of this company. the ticket site is called stub hub. they're using big data to improve the fan experience. that is next on this special edition of "bloomberg west." ♪
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>> when employees are not boosting commerce, they are encouraged to get physical activity. >> wow. that was pretty good. >> did he call back board on that? >> he could play with the lakers in l.a. >> we called kobe in l.a. >> we are back with a special edition of "bloomberg west." from the super bowl to broadway, users flock to ebay's stub hub to buy and sell tickets. one way that stub hub is trying to make things better is by collecting and analyzing user data. cory johnson will explain. >> this ticket business was ripe for innovation.
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ebay made an aggressive move by buying this. the business has grown into something. check this out. scalpers rarely left sports fans stub hub is trying to change the reaction to result tickets. >> we're not just about selling tickets. it is about the fan experience. innovation is used across the business. >> the plan is simple. they take 25% off the top of ticket sales and the rest goes to the seller. they are after a lot more. ebay paid $310 million for the business. back then, it sold 10 tickets per minute. now, it sells one ticket every second. >> this was the enabler for this to happen. >> ebay has grown the business with interactive seat maps and mobile ticketing and ways to split the bill with friends. stub hub is a risk for ebay.
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the business had much worse margins. ebay's gross margins have fallen from 77% to 69% since acquisition. paypal has furthered that trend. every incremental dollar compresses ebay's overall margins. milking big data could be the key to improving. >> this is a new science. we're trying to step up and understand that. >> raji arasu is the chief technology officer. >> we know the buyers' buying patterns already. we're taking it to the next level by understanding the click rate. what they might intend to do. it is not about selling one ticket per second. >> interesting stuff. it has dramatically changed the ticket business. >> we all know about that. thank you, cory. payment power may be taking off. the marketplace is still the core of the company. how are they keeping their digital shopping business booming?
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that is next. ♪
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>> welcome back to a special edition of "bloomberg west." i'm emily chang. while ebay's payments business
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is clearly booming, the core of the company is still in its ebay marketplace. as more retailers offer their own marketplace, how are they making their marketplace better? jon erlichman is back with more. >> you are right about that. the marketplace is more than half of the revenue. two thirds of the operating income. the guy who runs the business -- i found myself wondering what he was buying this holiday season. >> game consoles -- lots of them for my kids. at the world's biggest store that is ebay. >> i asked that because you are obviously data-driven. what can you tell us about what the average customer is buying? are there any major differences between players out there? >> the amazing thing is that it is the world's largest store. it has over half a billion items for sale. there's not a particular thing that people buy. it becomes very deals driven around the holidays. it is electronics and fashion oriented. particularly since thanksgiving,
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we have seen a lot of electronics and fashion and jewelry. >> there was a story about the amazon drone idea. john donahoe told emily chang that they are not focused on long-term fantasies. you do have core retail partners have you received questions from them and what it all means for ebay? >> we do not focus on drones and robots. consumer convenience is critical. getting things to people in a way that they can trust, quickly and efficiently, is critical for the future of digital commerce. our response to that is ebay now. it is linking inventory with people and stores and retail with local shopping. that is a great solution. it is efficient. we will scale it to 25 markets next year. the future will see. there is a lot of capacity and there. it does point out a big difference between us and competitors.
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ebay is humanistic. we do not have the view that technology will replace people or retailers or merchants. it will transform retailers, but not replace them. >> you mentioned that you are buying game consoles. there's a story about a father who thought he was buying an xbox and it turned out to be a photo. how do you deal with those kinds of stories? >> what is critical is that we have retail standards. people have confidence that what they buy is what they expected. anytime something goes wrong, we have a rocksolid guarantee. they will call us up and they will get their money back. no questions asked. that is really important to help to turn us from a peer to peer marketplace to a retail experience. >> thank you. have fun with those gaming consoles, by the way. back to you. >> thank you, jon. ebay is just one of the silicon valley companies trying to get packages to you faster. if you live in select cities, the delivery service will bring things to you in just an hour.
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we will tag along with a courier next. ♪
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>> i am in an ebay now car. this is used by valets who are delivering things all over the place. they deliver things within one hour. they will roll these out in 25 cities in 2014. if you'll excuse me, i have a pickup to make. >> jon erlichman is looking good in that ebay now mini-cooper. to give you a closer look at what goes into executing order to delivery in one hour, he follows two of the valley drivers through the streets of new york and san francisco. take a look. >> need something and need it now? if you live in the bay area or the big apple, we could be waiting to answer your call. >> i just got an order for a usb cable. >> portable bluetooth speaker. i am going to best buy. >> they are shopping valleys for ebay now.
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it is the newest addition to the online marketplace. it is an experiment in instant delivery. customers in new york on a chicago, and dallas can buy products from nearby retailers. they will deliver the goods in under one hour. >> people can shop anytime anywhere on mobile phones. immediate delivery is a logical extension. >> ebay charges five dollars for the delivery service. it is waving the fee during the holiday season to get more shoppers. >> we know the working professionals like the service. half of our service is filled. >> it is not a new trend in e- commerce. google has their own express shopping service. amazon is reducing shipping times. their ceo, jeff bezos, says that his company is testing a program where drones will deliver packages up to five pounds in just 30 minutes. ebay is upping the ante to expand its delivery service to
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25 cities next year. >> retailers love that we can take advantage of existing stores and meet consumers expectations. when they win, we win. >> jon erlichman is there following a courier. i also got my gloves delivered in one hour. come on. i did it myself. they are smart gloves. you can use your phone with them. they did not come by drone. john donahoe says that amazon drones are a long-term fantasy. >> amazon does not have drones. they did a press release and got a lot of attention. more attention than ebay is getting. ebay is clearly in a hurry. we talked about how many acquisitions they are doing. they're not waiting to build products or drones. they're doing something now. >> i believe they have bought 20 plus companies.
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>> this ties into the ebay now story. they are not giving the hard numbers yet. great, everyone wants everything right now. we are all impatient. to figure out how to work, they have to take a little bit of time. this was a delicate balance. >> they are doing a promotion that is free. that is nice. after using at once, i will definitely use it again. >> you do not like to wait. i remember when i walked into this building and there were analysts. they were asking difficult questions. when are we going to see a return? all these years later, the business is growing by leaps and bounds. on air, they said that growth will reaccelerate. >> it has become so well integrated. >> it is still a huge part. >> thank you all for joining us for this special edition. from san jose, california. ♪
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>> with the right ingredient -- >> we have sugar and butter. >> celebrity chefs have turned their kitchen chops into sizzling businesses. >> anybody can do this. >> luring us in with their tips of the trade -- >> it's a very easy recipe. >> and the high-stakes drama of the kitchen. >> i'm dying up here and you're killing me. >> tv shows, restaurants, and cookbooks. >> i feel like a burger or something. >> these larger-than-life personalities have made eating into a multi-billion dollar industry. we all know some of the best conversations happen over a meal, so we gathered at a classic new york city restaurant. let's meet the titans. first up, mario batali. short, vest, and orange crocs.


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