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tv   Bloomberg Technology  Bloomberg  February 13, 2018 5:00pm-6:00pm EST

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departure of former staff secretary rob porter. >> i would say that the back avestigation process involves fairly elaborate set of standards, guidelines, and protocols, agreements, etc., that have been in place for 20 plus years, and i am quite confident that in this particular instance, the fbi followed established protocols. alisa: porter left of the ministration following domestic abuse allegations from two ex-wives. a new u.s. intelligence report out today for dates russia will meddle in this year's midterm election. the world economic forum's global test report says it is likely russia will try to interfere as it pursues boulder cyber operations and false information campaigns against america and its allies. a terrorist to set off bombs in new york and new jersey in september of 2016 has been sentenced to multiple terms of life in prison. he injured 30 people with his bombs exploding in manhattan's chelsea neighborhood. federal prosecutors say he has
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tried to radicalize fellow inmates. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm alisa parenti. this is bloomberg. "bloomberg technology" is next. ♪ emily: i'm emily chang, and this is "bloomberg technology." coming up, the bitcoin rally cools after a week of gains.-back will check in on the latest digital currency struggles to maintain momentum and the current cryptocurrency landscape. bonanza. big tech we will hear from the ceos of gopro and fireeye, and talk about cyberattacks that have already played the olympics. blue apron may finally have a dust we will break down the
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better than expected score -- finally have a record of winning.we will break down the better-than-expected scores . the bitcoin gains we have seen the last few days have come to an end, snapping the longest rally since september. i am joined by cory johnson. walk us through the day and where it is going. cory: we don't know who the buyers and sellers are. i think we have seen in a bounce off the bye week for a technical basis, whatever that means, but the treating in these things were in a freefall. they were all trading in lockstep with each other despite important differences between the different types of cryptocurrencies. all turning together, all getting a bounce, but we have seen a separation between the different kinds of currencies over the last week. you can see it in the pricing of the different currencies. emily: talk about how the other currencies are tracking relative to bitcoin. cory: they separated little bit.
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yesterday, you saw a big bounce with one over 20%. bitcoin was up a fraction of that. there is a little bit of a separation showing up. emily: what is driving that? cory: who knows. the notion speculation seems to be the steady stream of companies washing out -- rushing out to create new coins have no rhyme or reason except for the few that did. a recognition of what we have said that some of these technological solutions actually have a purpose and a point. the others are a store of value a way to speculate looking more and more silly. some of these speculative scheme has been taken out of the market is. the fans going check had frozen withdrawals -- japan's coin check had frozen withdrawals. what you think of that? cory: if i can buy this thing,
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so we will buy it more later. that was broken by this notion of the currency that you had ever heard of before losing hundreds of millions of dollars in value. the idea that something like that can have that value surprised a lot of other people, but the people involved in it must have known at some level that this thing they were buying, they were only buying so they can sell it to someone else. i think it is a failure of what we do as journalists sometimes, not just journalists, me and you of course but talking about stocks as if they go up because they should go up or down because they are going down. talking about intrinsic value, the businesses of underlying them. to speculation because it leads to people not knowing what they are doing and why they are buying things.we think about cryptocurrencies as an investment or equities in investment or debt as an investment. the underlying thing is we are investing in his will he need to understand. emily: what do you think regulators are learning from fiascoes like this? cory: we have heard different
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things. but i am actually pleased to hear what i hear from some regulators, which is the notion that they are not all the same and regulation can protect investors from the shams and crooks and that real companies flourish with a light hand where protections are needed and maybe regulations are not. emily: cory johnson, our editor at large.we will dig into it right now with brad . sticking with bitcoin, we caught up with one of the biggest players in the digital currency market. as we just discussed, it has gone up and down with the market. take a listen. >> we have already seen that the markets bounce back some. i don't call a day-to-day, but the peak of the market probably mid-january total asset class was like over $800 billion. drop dropped down to maybe $300 billion. today it is back to $450 billion or so.
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my counsel for anyone in these markets is do not follow day-to-day. this is for the mentally a movement that is changing the class.and a new asset you should measure that over months and years, not day-to-day. emily: revolt was doing well at the in of the year.talk of it being the next bitcoin . is that the benchmark for you? brad: i don't think there will be one-size-fits-all. i think bitcoin increasingly is digital gold. it is a storer of value but it will not solve a payments problem. the time it takes to confirm a bitcoin transaction on average is about three to four hours right now. per transaction, the fees are around $15 per transaction. that is faster than swift, but in contrast, 1000 times faster and 1000 times cheaper, so it is a fraction of a cent to confirm a transaction, and it takes three seconds to complete a transaction.
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i look at bitcoin as solving a different problem than what axa rv is solving -- xrp is solving. i think you will see multiple players have success in this market. i think that is how the market is behaving we'll have a little bit of quality rising to the top and how the overall market s have been trending. emily: for some, there will be more regulation. what are you expecting? brad: i hope there is more regulation. i think if we want a whole asset class to grow up and mature, of course there should be regulation. those that combat regulation are not thinking about the benefit. the revolution of blockchain is not going to happen from outside the system. it is going to happen from within the system. governments are not going to go away. banks are not going to go away. some from the community come from that anarchistic libertarian view. one of the reason why ripple has been successful is we are working with the system. we count the bank of england as
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a customer, the saudi arabian monetary authority is a customer.central banks are working with ripple today. we expect that to continue in the future for sure. emily: what do you think the regulation should be? brad: i think the regulation should not change much. what i mean by that is when you are executing a transaction using ripple's software, they are going through one regulated station to another regulated station. requirements, your know your customer requirements, anti-money laundering requirements, bank secrecy act requirements, that does not change because the bank is doing that on both ends. we are just making the plumbing much more efficient, faster, cheaper. here, weatory dynamics should continue to have regulated financial systems. thele are, oh my gosh, regulation will change, xrp is not circumventing the regulation. emily: what about what is happening in asia? does that concern you?
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a lot of skepticism there. brad: it concerns me if we throw the baby out with the bathwater. we have to understand that not all digital assets are the same. we did an op-ed piece written by our chief compliance officer to kind of talk about some of the differences. some digital assets that are designed for anonymity, designed to circumvent regulation. i literally saw a founder of a company talking about his digital asset like we are for drug dealers and people in tax evasion. of course there is going to be enforcement against that. that is crazy to me that he was in a public setting saying that ithat. in contrast, we are working with central banks within the regulatory framework and we are embracing the factor should be regulatory frameworks applied to the digital asset and crypto market. emily: you just partnered with leon. brad: one of the largest payment
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digital wallet payment companies in china. emily: what does this mean?what other partnerships are to come? brad: to think of a world with the banks, the atm's of the world, the paypal's of the world, and we think about how do we enable interoperability and very little fiction between the? we will continue to work with players across the world. i think people understand proposition, our pipeline of partners and customers has certainly grown, and i am excited to come back and keep you posted on those customer announcements. emily: all right. the year in brooklyn, cryptocurrency, 2018, what are you expecting? brad: despite the volatility, you will see a lot of bullish behavior. emily: the volatility will continue? brad: the volatility will certainly continue. we are in adolescent stage of developing a new asset class. you will continue to see volatility. emily: my conversation with brad, the ceo of ripple.
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tim cook address shareholders tuesday at the company's annual meeting. discussed, the tax overhaul and a slowdown in mobile payment. he said one of them was supportive roles as ceo is "passing the baton" to the next leader. taking aim at the winter olympics. we sit down with one of the companies on the frontlines of cybersecurity and take stock of the dangers out in cyberspace. that is next. if you like bloomberg news, check us out on the radio. listen on the bloomberg radio app, bloomberg.com, and sirius xm. this is bloomberg. ♪
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ceo of salesforce says a movement is coming at facebook and it will not be pretty.
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times"g at the "new york new work summit, he said it is just the start of a growing backlash against facebook and he criticized facebook decisions to dismiss human editors instead of algorithms. he set the start of the downward spiraling that they are in today. the winter olympic for up to a roaring start complete with metals and feel-good stories and cyberattacks. the hacked because the network communications to fail during the opening ceremonies. while there is no suspect, it increases the need for vigilance in the face of future attacks. earlier, we sat down with kevin from fireeye at the golden technologychs and what he sees out there. i have lived through four different waves are phrases of cybersecurity and we are in the fourth. we have modern nations engaging in cyber operations with no rules of engagement.
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nobody knows what the rules should be. what is fair game? how do you conduct espionage? espionage goes through secrets are. also because there are no repercussions for cyber operations, meaning it is hard to figure out who is doing it. a lot of times, it is like a great area. people don't know if they are doing the right or wrong things in cyberspace. that is the phase we are in right now. we are seeing a lot of attacks from nationstates on nationstates i don't think the gloves will come off yet, but different things being said. emily: interesting it is happening in this idea of right and wrong given that there are some attacks that are ok? kevin: it depends on perspective, right? every nation wants to defend itself, know every nation's sigrid. there -- s. there will always be espionage and differences. capabilitya modern percent reparations and we have not figured out as a global community how to operate. emily: how would you
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describe threats from russia versus north korea versus china and how they have evolved? kevin: they are all different. they have gotten better. emily: break it down for me? kevin: the russians are great at this. they know how to be surreptitious and how to commit operations, but they cannot operate at the scale and scope that the chinese do. the chinese recently, especially the united states, have been operating with some rules of engagement. they are a little more obvious. they don't do as much counter forensics, but they are often more widespread. north korea is a little less protectable. they hack for multiple purposes, to make money, for espionage, but they also have to be distracted.if you look at other nations, we have seen vietnam get on the radar and other nations start to. iran is getting big in cyber operations as well. all of them have a different capability and different forensics they leave behind. emily: any insight into who
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hacked the opening ceremonies? there is some speculation it was russia. kevin: from the information i have seen, we are not sure who is behind it. that is another example. anytime you do a major event, there are no risks or repercussions to pull to attack it. emily: how is cybersecurity spending changing relative to last year? kevin: i have not noticed a big change. right now, i know if you are hacked and you know it, the impact and consequences seem higher than in the past. it has gone up over the last decades.used to be when you are hacked, it was a business problem . it has gone to be much larger now. , when you are hacked and you know it, the bottom line is consequent is our growing. therefore, more board attention and ceo attention. people are making sure they at least get a good why on the spending. emily: have you seen any market corrections? kevin: i don't know if i have. i can looking around.
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i go to the conference every year and i cannot remember how many companies are there but there are thousands of companies proclaiming to do cybersecurity and it feels like there are 10 or 11 i guess. i question how many companies the market does support, but thousands feels like a little bit too much to me. emily: how does fireeye standout? kevin: you are right, we are the same thing, but what makes us unique is there are a lot of companies that appear product companies. we do our market research by responding to evidence that matters.responding to the breaches on the frontlines, we also have an amazing vantage point. who is attacking who? so you can assign risk in your industry.for example today, there is a lesson attack group interested in attacking the energy grid or whatever it might be. you want to see those trends and we see them on the front lines. we have nearly a million hours of frontline investigations every single year. if you take that and put it in, we are finding a needle in a haystack every day with people.
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that is all software is, automating the human process. emily: do you think we will see more consolidation? kevin: i think so. that is more likely than not, right? you saw cybersecurity become a marketplace in the last decade, maybe even within the last six or seven years.thousands of companies have run into this marketplace .not all of them are going to survive .there will be a lot of losers and some winners . during that opportunity, they will be consolidation. emily: who gets bought or survives? kevin: every community has the different strategies. i like to meet the founders and make sure the genesis of a company makes sense. what they are doing aligns with their experiences compassion. there is a lot of companies that make sense. there is a lot that don't. emily: that was fireeye ceo kevin mantia speaking with us. coming up, finally delivering for investors. a look at the company's better-than-expected financial results. that is next.this is bloomberg
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. ♪
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emily: and the latest revolving door at snap. jeff lucas has announced he is leaving the social media company. snapchat and was crucial to building advertisers. he is the third leading executive to department company in the last four months. they also lost their head of product and engineering in november. snap says it will not be looking for a replacement for lucas. blue apron has struggled since it went public in june of last year, but could the year-end results mean they have ironed out some of the kinks? shares jumped of most in two months and beat analyst estimates and the new ceo is predicting significantly narrower losses this year, so is
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blue apron out of the woods yet? to answer that, let's bring in garrett. i am guessing the answer is no, but why did the stock jumps in which today? garrett: they beat analyst estimates on revenue and profit, which is a law still, but it was the language like him out of the statement and a call as well with the ceo brad dickerson to go over in november to try to patch up some of the major problems they had had over the last year. the labor to use is words like stability and confidence. he said a lot of the problems they have had over the last year have been taken care of. he said he will increase marketing spending, which is something that they cut last year and the two goats falling off a cliff as they were trying to get there should back in order -- their ship back in order. the stock jumped in the beginning part of the day but by the end of the day, it was back to where it was before the close before the earnings came out so analysts after digesting it said
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maybe things are not as rosy as we initially thought in the morning. emily: what remains the biggest risk factor for this company? gerrit: the biggest risk here is that competition from amazon sort of overtakes them. analysts asked brad dickerson a question, how do you come out of the gate and face some of the heavy competition from amazon and other upstarts, he said we have a lot of products coming out this year that will change our offering and allow us to charge more money and find more customers. people said, ok, what are those products? he said we don't want to talk about it yet so that is where some of this uncertainty comes from. they don't just want to be a meal kit company.they want to be a full consumer lifestyle brand . we are still waiting to see what exactly that is going to look like. emily: so when you look at 2018, what are the main things you are going to be watching? gerrit: well, those products are going to be a key one.
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we will have to see exactly what they roll out. they will probably be talking about the product in the next few months. that can be anything from doing partnerships with other food companies. you can think about it they have this brand that is trying to be kind of cuisine forward, fresh forward, healthy for you, but easy to prepare. anything in that realm, expect to look for that. also increasing their marketing and seeing where that goes from here. the big thing is just really now that they say they have kind of gotten this major growth issue out of control -- sort of in control now, what is the next step? emily: so quickly, blue apron came up in an unexpected place in the white house budget. what happened there? gerrit: right. buried in the white house but it this plan, a combination between a total of government departments to you do delivery to people who are at this point are getting food stamps. i'm not sure if that had anything to do with the stock up and down.
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obviously, they were not necessarily specifically mention more than what the government wants to do, anti-hunger activists and poverty activists were confused with the statement in this sort of very early stages, but if it is any sort of measure, it has been tough for blue apron to make this business model work.it will probably be tough for the government as well . emily: all right. thank you so much for that update on blue apron. coming up, goldman sachs oversaw a record year for dealmaking in 2017 with more than $1 trillion worth of deals. we will hear from the bank's cohead of investment banking. that is next. this is bloomberg. ♪
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>> here is a check of first world news. mitch mcconnell says the time is now to address the plight of dreamers. mcconnell calls on colleagues to
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submit any consideration for immigration. >> the senate has had time to prepare and there is no reason we should not reach a bipartisan solution this week. to do this, we need to get the debate started, and focus on actually making law. >> the white house is considering making bank of cleveland president the vice chair of central bank. a person familiar with the matter says there is no front runner but the master and passed the selection team. netanyahu says police recommendations to indict him on corruption charges will and with nothing. netanyahu traded his influence for favors. south africa's ruling national congress has decided to replace president jacob zuma, but the
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party said no timeframe for handing over power, summa agreed to step down to want to stay in office for six months, each the party considers too long. global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. it is after 5:30 p.m. in washington, it is 630 wednesday morning in hong kong, and it is already bound wednesday and were joined by david in place with a look at the markets. david.alentine's day, >> in the absence of concrete intangibles, it is just a greeting, but we'll take it. we are looking at futures across the asia-pacific. essentially we are preparing to be unimpressed. with a full trading day in the asia-pacific and inflation report due out on wednesday u.s. time, and what it
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means for equity is that we will catch gains but the gains will be modest and will likely look at a range of trade and hedges been put just in case we get an unexpected spike in inflation. have a look at currencies, the dollar-yen -- to the point we have hedges coming in, we're also getting growth numbers coming in and japan, malaysia, and singapore. more from "bloomberg technology" next. ♪ emily: this is bloomberg and i am emily chang. in the goldman sachs conference is happening right now, and alex
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barinka joins us to talk about the current m&a landscape. greg, and here with he is the head of this division and goldman sachs, and greg, as you oversee m&a, you see capital markets -- we have had talks these last couple of weeks about the volatility in the market right now. in your capacity of overseeing deals -- has that actually impacted decision-making? last week was an interesting week and markets and it goes to show conventional wisdom is always wrong. if you go to weeks ago and as somebody about volatility, it would say we will never see it again, but last week we saw at the highest. the market will settle down and volatility will be ok and contained.
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volatility is generally not a friend of m&a and transactions but it might be a one-time market correction of values being down eight percent to a 10%. i think will be fine. if you are a private equity firm or a strategic looking to buy another company, i've got to think a better evaluation correction i'd be a welcome occurrence. >> absolutely. it is only one way, but if what happened last week results and a percent or 10% lower, than the mindset of seller's for the first time in a number of years that things don't always always have, then you will sellers being more realistic and people with cash sitting on the sidelines mousing more value. talking about m&a and speaking about m&a come unless there was about slack in terms of value of deals. what is your projection for 2018?
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above $2.7 trillion? >> meaningful, quantified how you want. we went into 2017 with a robust outlook. politics aside, he had an election that felt like would come in with a pro-business agenda. that corporate tax reform of some form, and had cash repatriation, and more benign regulatory environment. we had discussions with clients about let's get defining transactions, and one caveat was that they wanted regulatory thoure and clarity on what look like, and they saw a little into two, and they finally said, i am sick of waiting, it is good luck as usual in washington and run going to go back and do the activity where are going to do, and the fourth quarter of leicester you saw meaningful pickup. -- you saw meaningful pickup.
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on the fourth quarter, and in the background you saw tax reform. goingw meaningful take up into 2018, and the environment is the mindset that corporate ceos are saying is an optimistic outlook. we have this repatriation holiday, and it looks different than it did back in the early 2000 when it happened, but back then, a lot of companies back then spent money on dividends and buybacks. win thating to allocation? >> it feels that way but it is hard to know. what are you going to do with the m and what you're going to stay in the street about what you will do with the capital and telegraph it and how much time you have to make a decision -- it is interesting. with talk to clients in anticipation of cash repatriation, mostly it is not going to make a difference.
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just because we had a dozen they were going to spend it, and now that it is back, they are feeling pressure to the point get to shareholders, saying i went back with share repurchases or dividends. i think will be near-term as that cash gets repatriated. alex: one of the things you mentioned was coming up the ystem -- there has been pro-america talk from the trump administration, chinese deals have been more in play in the conversations that i have heard about. increase in the china to u.s. investment in 2018? the professionalism that we saw from the u.s. administration with issues of china not what it so much cash to go offshore -- i'm not sure you're going to see meaningful pickup in terms of pure m&a from china to u.s.. i think what the regular to his
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-- the one big headwind that we expect to be a benign revelatory, there's so much sscertainty what deals will pa muster and what won't. alex: last year we saw amazon five hole foods and that should the industry and the tech industry. in terms of transformative deals, grocery was in the eye of the beholder last year. are there other areas that are right for disruption for m&a? on healthspeculate care and health or distribution. the fascinating part about the disruption taking place in technology, the technology has not been that actively disrupting m&a. but if you look at the six largest cap companies in the world, there are all technology companies.
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activeven't been that participants in the m&a market and have grown organically. bounces -- cash alex: i will be watching those six, and greg, becky for joining us at the goldman sachs to conference. much. alex, thank you so that is happening down the street, and i have new numbers now from uber financial results, and it is good news for uber. they brought in revenue of $1.4 billion in 2016 and doubled in the fourth quarter of 2017 to 2.2 billion dollars, and they also narrowed losses considerably. in the fourthst quarter of 2016, and that is down to foreign and $75 million in the fourth quarter of last year. gopro is out of the
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drone business, and what is next for the camera company? this is bloomberg. ♪
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took shots at ceo facebook's attempt to build a rival video network. he jumped that facebook should get back to baby pictures when asked that she was worried about competition from the social media giant. facebook iss as doubling down on videos and original content, facebook watch. gopro recently got out of the
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drone business, but there's optimism for the venture company and he spoke with selina wang and an exclusive interview about gopro's new revenue streams and position of a partnership acquisition has changed. >> no. it is still the same. my job as ceo is to look for opportunities to realize our vision and create a big opportunity for our investors as possible, and if that is a standalone independent company that is terrific but if we can achieve that more easily and more quickly with a partner, would jump at the chance to look at the opportunity. >> any interested suitors reach out yet about an acquisition or partnership? >> no comment. >> if you change your mind, do let us know. according to a recent filing, your chief will be leaving the
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company and was posted turnaround company, and ahead of that is also living as well. what you make of this turnover? >> cj was a terrific asset to the company and software team. he was a part of the team that is leading us to turn around and has done a terrific job and we thank him for that, but now that the gopro is even more focused and 2018 and moving forward on our camera, outcome and call businesses spread the scope of the job became smaller, in addition to becoming more focused with our product line, our management team is becoming more focused, we are a smaller and more focused business to have a great leadership team capable of growing gopro in 2018. >> talk to me about your efforts to attract and retain top talent. it starts with having a big enough vision and opportunity for people to grow their
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careers. gopro is known as being an innovative company and we have been extremely innovative with ar products and pioneering new category and hoping people capture and share themselves in new ways. it also have to continue to innovate the business and grow our business model in today's world and that is something we are starting to do with new programs like subscription. are growing a we subscription part of our business in 2018 and moving forward. it is initiatives like this that continue to excite and attract and retain talent who to come and help in that new business models and grow gopro moving forward. a droneard recently business is shutting down and that is something investors were excited about to rejuvenate growth. what can we expect in 2018 to be new revenue drivers? >> we have a lot of opportunity in our core business. half theending roughly
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advertising dollars are now to sell approximately the same number of cameras we did year-over-year. gopro'sls you that lineup is selling much more easily, and we see an opportunity to increase our advertising space to significantly grow our business this year. we will do that within our operating envelope of some $400 million. here is significantly opportunity to grow. >> how meaningful will the subscription service be to revenue in the coming years? >> we hope they will become more meaningful, and as we should curiously, we have 130,000 paying subscribers. we have only just turned on the marketing for our description service. for the last year we grew up
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quietly and were in test mode for it, and we found there is a free trial to pay conversion rate, it still as our customers value disservice. we think they were evaluated even more if we dramatically increase the benefits but kept the price the same. emily: gopro chair and ceo nick woodman speaking to selina wang. on ar, and the online marketplace will be rolling out new features and i s exploring a new credit program it you they had a strong holiday quarter and a 10% increase in gross merchandise volumes. up, talking about uber's numbers, doubling revenues to $2.2 billion and will break it down with eric newcomer, coming up. ♪
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emily: after one of the biggest cybersecurity attacks lester, equifax has hired a new head of data security. us chief security officer and report to the ceo and keep her busy had a similar position at home depot.
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let's get back to uber now with fresh numbers out of us chief sy officer and report to financial, reporting a heads narrowed losses in the fourth quarter. joining us now is cory johnson and eric newcomer. isenue in the fourth quarter now up to 2.2 billion in the fourth quarter of last year. significantlyes lowering. the information of those financials -- we see reduction in expenses and reducing at spending, and a lot was spent within apps, they are immobile forced company. thatesult is fundamentally business is getting closer to profitability, which is the losing an incredible amount of money every single quarter, everything omitted. that uber likes
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to talk about how successful they are on a city by city basis. or a domestic basis with the notion that they draw more money from outside investors that it will go to other locales and have the same type of success they have had in the u.s.. the truth is different because they have had success in china where they have billions of dollars on like the competition they base in the u.s., and the business has not been as profitable elsewhere and the new leadership wants to change that. an ipo is their goal in reducing losses, and the revenue growth is key to that. uber had a painful 2017 but the business managed to grow, it is interesting that uber decided to release this information given that it is not a publicly traded company. what you make of that? -- what do you make of that? cory: they have so many
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shareholders -- a certain number of shareholders you will have to release the information. we will see if they decide to give us the revenues, but they also want to pop investors to give a notion of what this does this is my the day comes down want to sell to the stock to the public. selling shares to private shareholders, and that is an important constituency for them as well. emily: tim cook is also addressing the issue of success -- and always an important question, mark gurman has a great piece out about the bench apple has, what you make of how tim cook responded? more tothink it speaks the fact that we have been sitting in these chairs for a long time. emily: it seems like yesterday. cory: it was in fact seven years
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ago we launched the show. apple shareholder meeting is a peculiar one, shareholder meetings themselves are -- emily: quite the show. cory: it is a way for companies to address people who own the ofpany to public offers shares, but they have become a comical thing of retirees and senior citizens showing up. but apple started in silicon valley, and the people who really don't the company remain shareholders in a lot of cases, and feel they have a very vested stake in the company even if the shareholders might be very small what is the largest company by capital in the world. emily: the current see all all would be the first in light of this with soon, but there's no suggestions that tim cook is leaving in the near future. cory: i love mark, but he has no
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thesewe'll see when things come before to vote, you don't what is going to happen. the politics have always been intriguing inside cupertino's headquarters and i'm sure it will be no different when tim cook decides. the more iconic the leader, the more important to have a bench together, and what we see from a lot of companies is that it'll what that bench to be obvious because when times get tough, the board is looking for someone to jump in the shoes and people often get pushed out and that is about to happen. apple areings within smoothly going well whether it is software development or changes making on the ways to develop software or project releases. they look at the most recent higherrelease was a revenue event than they have ever seen before and the to grow even as it faces headwinds. emily: a relatively calm day after wild swings, cory johnson,
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our editor at large. thank you. tech.oes it for bloomberg co-coo speaking to the at goldman sachs, and check us out at technology on weekdays. that is all for now. this is bloomberg. ♪ we use our phones and computers the same way these days.
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betty: welcome to "daybreak: asia". cleveland's investor says to be in the running for vice chair. betty: and from bloomberg headquarters, this past 6 p.m. on tuesday. wall street rose for a third day, and the stronger yen weighing. and president trump

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