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tv   Bloomberg Technology  Bloomberg  November 1, 2018 5:00pm-6:00pm EDT

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>> i am selina wang in for emily chang. this is "bloomberg technology." in the next hour, apple misses the company. -- apple misses. at iphonesrice year failed to spark excitement? plus, google walk out. protests against sexual misconduct. we will discuss google's
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reaction to its reports of coverups of multiple claims of executives. and spotify reveals plans to boost spending to drive growth. wall street is dancing to a different beat. shares slump surrounding the revenue forecast. first, to the top story. apple shares are falling after reporting an underwhelming forecast for the holiday period. earnings suggest a weaker than expected demand for their price year new iphones. in terms of the fourth quarter, sales rose to $62.9 billion in profit came in at two bond $91 -- $2.91 per share. joining us now in boston is our --lyst and in it seems to be a mixed bag. we had the current quarter beat on the top and bottom, but the
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forecast was underwhelming. what is your take? >> i think we had a great thed-quarter in terms of fourth fiscal the guidance here little bit. it looks to be perhaps indicating the emerging market .r china slowdowns frankly, it is flat considering the product mix they have, it is a flat forecast with zero growth in the iphone. selina: a big change of focus on the number of iphones but the average selling price -- iphone sold, but the average selling positive. seem to beve not that many limits. in terms of revenue growth, they find more customers, and most of the growth in the smartphone
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market is coming out of markets like indonesia, nigeria, and india. you could increase revenue or you can sell more products. otherthe wearables and devices are doing well, there is no other it product like a smartphone the consumers have to have. selina: horace, these numbers only show about two weeks of the nearest iphone sales. thoseo we know about how forms are so far? horace: the signals are good it is -- good as far as what we are seeing, but the problem is we do not know if we will see some kind of structural issue in china. as far as the pricing is concerned, yes, it has gone up, but there is quite a bit of mix out there. newest 10 arethe as not to really shown us a lot not really shown
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us a lot of data. that will be the driver and is its -- and it is a little puzzle. that might be why we are not seeing enthusiasm from guidance. selina: most of the faang stocks are down and apple was the last report. the hope was that it might lift the tech sector. what do you think now? we see stocks down and investors seem underwhelmed. will this change later in the day? horace: it is hard to say on the whole market. through looking at apple alone, we are seeing a little less enthusiasm. we just had new products two days ago, meat and potatoes products, the middle of the market. pricier and little not to see that reflected in
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guidance is disappointing. selina: tim cook gave an interview earlier with reuters citing weakness in emerging markets. in china, the trade tensions could be leading to a dampening consumer sentiment. are we seeing that at all in the numbers as they are concerned about this? i think when you look at apple and their target audience which tends to be more fluid, even in markets like china and india, i think even over the past 10-15 years, luxury goods have done well. i would expect to see much of an impact their, especially when you target an audience as fluid as those are. does not tend to have much of an impact. selina: cook just now on the call citing how strong the quarter was. overall the quarter had the biggest quarterly growth spurt since 2018. i want to talk about the 10r.
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why all of the excitement when it could be potentially cannibalizing its products? horace: it is still a $750 minimum price. it is a significant rise over the $600 $700 price in the past. we are seeing an uplift in the overall asp. the product has also not necessarily cannibalized. as ank it is in position middle product in terms of screen size which is what most people respond to -- which is . it is a solid product. i'm saying there is a little disappointment, but let's not t forget we are talking about projecting 78 million units sold at an average of $800. this will still be a great quarter, it is just not the growth that we saw in the top
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line. we see a flat top line going forward. growthually penciling in on the ipad, a little growth on the mac as well. digits, but it is not -- the big growth's services and other in the 30-20% range doing well and are continuing to do well, but those are based off an installed base which is based off of 1.3 billion devices off there. the question is whether the 10r would be a home run or not. selina: julie, will people upgrade for this cheaper-ish phone? julie: a lot of consumers still may have a six or seven or eight and have been waiting to upgrade to something more affordable to them. i think that is some of the target market they see chasing. selina: tim cook talking about
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the new iphones being the most advanced ever. they have seven nanometer chips and are ahead of technology. their coating reviews on how good some folks think they are. you were talking about services earlier and they came in under expectations. what is your take on that? is service not growing as much as expected? horace: it is doing pretty well, actually. my expectations were in line with what we saw and we saw about 10 billion quarter. they are ahead of schedule in terms of hitting their long-term targets at $50 billion per year run rate. that is going to be reached probably next year ahead of schedule. that is not a bad story at all. revenues that of were not present this year. overall, i do not think there is anything i could see negative about services right now.
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forecast is looking at 18% growth. less than what we saw on the past. selina: are at horace thank you for joining us and julie will be sticking with us. coming up, google has come under fire for multiple misconduct claims. the employees are protesting and listing demands of next. if you like bloomberg news, check us out on the radio. listen on the bloomberg app, bloomberg.com, and, in the u.s., sirius xm. this is bloomberg. ♪ . ♪
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selina: google employees around in world left their offices
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global protest against the handling of sexual misconduct. this follows a scathing report detailing the company's cover up of multiple sexual misconduct claims against executives. claims that andy rubin got a million package. worldwidefices participated in the walkout demanding several key changes including transparency and an end to forced arbitration. will the ceo -- well, the ceo just responded. >> it has obviously been a difficult time with the frustration within the company. i feel it too. a very high bar and we clearly did not live up to our expectations which is why we
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thought it was important to express our support for the employees today. selina: here to discuss is josh idols and -- idolson. sundar seems supportive of the walkout and he is expressing sincere remorse. how would you judge the overall response of google as a corporation to this? >> i think it's great he is supportive of the walkout today and what will be important is the accountability and transparency going forward. so the response to the five requests that the organizers actually requested as part of their demonstration today. selina: josh, one of the top demand of the protesters is to forced arbitration allowing companies to hide the wrongdoing and silence the central -- sexual harassment. the tech giants have been called to end this so do you think anything could change this time?
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> we certainly see a wave of attention on forced arbitration this is an issue where the national labor board try to address and got beaten down by the supreme court. the issue, according to critics, is that when people as a condition of employment are forced to give up the chance to bring their claims in open court, it hurts their ability to get a fair hearing it hurts their ability to bring public scrutiny on these issues. it something we have seen the attorney general's of all states speak up about together. something that rarely happens. now knowhe companies they have the discretion to include these agreements and are facing more public pushback when they choose to. particularly as it relates to harassment and discrimination issues. selina: it is amazing to see the images and videoselina: come out of the crowds all around the world and they have a very distinct outline of what they are asking for. what do you make of the demands
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and the realisticness of the companies agreed to this? katica: the decision is not whether or not you can implement this, it is whether you choose to. as joss stated earlier this year , the first time in 10 years that all of these attorney general's came together and asked congress to remove sexual harassment from binding arbitration agreements. we know that does and people from having a voice. we know that pay equity and opportunity is possible. that is what pipelines does so we know the demands -- they cannot meet the demands. selina: tech companies like to promote themselves as socially progressive. if google makes these changes, do you think other companies
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will follow suit? josh: i think we have seen already when one company moves, there is pressure on others to. withw this dynamic protecting employees from retaliation in may 1 protests. these companies are dealing with a wave of vocal and activist employees while they have virtually all nonunion engineers. we have seen increasingly, workers banding together in the activism the new deal labor laws are supposed to protect. taking collective action together to address work life issues and social media has provided an additional outlet for people to get attention from other employees and from the broader public to what they are doing and how the company is responding. selina: we did see google decide not to renew a contract with the pentagon based on the protests and i want to get to what your company does, katica. have you spoken with google
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about using your technology and, if not, what should they be doing? katica: not yet. what they should be doing is -- what pipeline does is create a shared understanding of how it gets to equity. if you think about it, every time you make a decision and a hiring decision, if a decision, decision,otion you get a request. it is not only pay equity, it was opportunity equity because we know pay is actually the symptom. the disease is truly opportunity and how we ensure every time you make a promotion decision or performance decision w you are making sure it is equitable. selina: thank you both for joining. workplace andthe
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attack, amazon raised the minimum wage for u.s. employees to $15 an hour on thursday. what the company is touting the pay raise across all operations, it turns out not everyone is eligible. according to bloomberg, the minimum wage does not apply to amazon flex workers who deliver packages using their own cars because they are contractors. though the company advertises an hourly rate of $18 $25 an hour, interviews suggest actual earnings could be closer to five dollars to $11. here to discuss is olivia zaleski. >> amazon had agreed to raise the minimum wage across the board, how are they justifying the discrepancy with these workers? >> let me first described you what the flex workforce does and who these people are. it is an input done did -- an programent contract
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that works like uber, post made, and/or --. they are promised about $18 to $25 an hour, but what we found in our research, and we also that people are taking home closer to five dollars or $11 depending on how they factor in their expenses. five dollars an hour as their driving in their own cars and seeing their own tolls and paying for parking instead of amazon paying those expenses. selina: that's a huge difference. how did amazon respond? olivia: they were pretty unhappy with our reporting. in all seriousness, i think they felt the report we used was unfair. the report we used said drivers ended up going about an hour and half longer than what amazon promised them in these blocks. most blocks are about four hours. this report says travers were working about 5.5 hours because they were delivering --
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returning undeliverable packages to amazon's where houses and not getting paid for that work. we made that clear and our article, but what we found talking to a lot of drivers is the report is backed up in the fact that most drivers, after they did their expenses, found they were making closer to $5.50 or six dollars per hour. selina: it seems like amazon moved to raise the minimum wage because of the tighter labor market. what you think is the likelihood they will raise the wages for flex workers as well? olivia: they could end up raising them because it is competitive to get good workers in the economy has become more competitive. i could see them doing that, or chipping in on some of the expenses that are coming up when delivering packages. especially across state lines or areas that don't have parking. i think they may consider or
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reconsider their models. is not we used said this a sustainable model for amazon because people will eventually --ch on and realize these realize, these drivers will catch on and realize they are only making five dollars per hour. selina: dual reporting put in great detail the burden that these workers have to take on. you think fewer workers will join the platform? olivia: we did speak with some psychologists and economists and what i've found so fascinating in doing the reporting is that people do not think about expenses when they take on a gigeconomy job. our brains don't want to access the expenses that we have to account for come tax time. it's possible they could continue to survive on this
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model hoping people don't realize how much they actually have to spend to make these deliveries. selina: great reporting is always. olivia zaleski, they can for joining. the apple analyst call is still underway. they just began working through the numbers. tim cook just wrapped up and he highlighted strong growth of apple pay and transactions, and the apple watch as well. he said he cannot be more bullish about apple futures and he spoke about another store coming to thailand. about half of apple stores are outside of the u.s.. here's cook speaking about the whole quarter overall. shipped out toe billion ios devices, celebrated the 10th anniversary of the app store, and achieved the strongest revenue and earnings in apple's history. in fiscal year 18, revenue grew by $36.4 billion. that is the equivalent of a fortune 100 company in a single
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year. we are capping all of that off with our best september quarter ever. ♪
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selina: apple's earnings call is still underway. more thanys apple has 330 million paid subscriptions as part of its services business. shares in after-hours trader down -- after-hours trade are down. peter teal is speaking at the new york times conference in new york. he says he would support president trump if given the chance again. and that the president's tax reform was "a major achievement." at 2016 atr spoke the republican national convention in support of trump and served as a member of his transition team. a group of tesla shareholders once the company's board to go beyond an overhaul order by the sec. replaceres tesla to
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elon musk on the board for three years. amazon will stop emailing popular washington post -- to customers and a possible attempt to support -- since entering the white house, the president has thought to blur the lines between amazon and the post which jeff bezos has owned since 2015. amazon says the daily mail will be discontinued from november 5. europe was in on the crowd cloud space. is taking on companies like salesforce and oracle of next. -- up next. this is bloomberg. ♪
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selina: this is "bloomberg technology." i'm selina in for emily chang in san francisco. apple shares are in the decline. the investor is doing nothing to soothe investor sentiment. stocks are down 5% in post-market trading. investors are concerned about 0-suggestin weaker than expected demand for the company's pricer new options. apple will stop providing unit numbers for the iphone, ipad. investors will not like this. let's bring in our panel with john giles and julie -- foerster.
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this come as a surprise? we knew the average selling price would be more valuable than the unit sold? know investors pay close attention to the average sale price. they want to know, are they buying the higher end. a much highern at price, that is a good sign. you cannot completely dismiss unit sales for the past quarter, which were like the revenue number for the coming quarters. the forecast. also meets expectations. that has really been weighing on the stock in after-hours trading. selina: i want to touch on the after-hours trading. which includes ipods. do you think moving to the future this could be a more valuable component of the overall revenue mix? a one, with iphone being such
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dominant element of their revenue, nothing is going to replace the smart phone. there is no other "it" device. the better they do it, the watch and so forth, the better their services business will do because it will become stickier. if i have 10 apple devices i own, it is a much more compelling bundled in one device. do not unit sales represent a clear indication of performance of the company and are less relevant. the forecast.o is he talking about china? tom: didn't specified. tim cook talked to reuters. there. was discussion about emerging-market weakness also talked about foreign market exchange, and timing of the device and concerns about whether or not they will be able to meet demand. there is always that perennial question about production. now the backdrop of all of this warhe brewing trade
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between the u.s. and china. apple have talked about some of their devices, some of their smaller products being affected and there is this general question over the economy about whether or not rising interest rates, trade war with ch ina, are going to dampen consumer sentiment? amazon had a forecast for the holiday quarter that came in leiter than expected. this is a big question about whether global economic issues are weighing on consumer sentiment. selina: the bank stocks minus apple have been punished a lot. they have been pretty resilient what is interesting they have such vulnerability to what is going on in china. how are investors factoring in this china headwind? how long can they stay out of this trade tussle? >>tom: that is a great question. it is one of many factors that are affecting the overall technology industry. about on theed show many times, october was a very difficult month for this
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industry and some of the tech stocks have been followed before october got underway. a really difficult week. a lot of questions about this big data center buildout. companies have been investing in data centers, snapping up servers, snapping up the ch ips. that is something that is weighing on one part of the technology industry but the consumer side of thing, apple is a huge bellwether, given its r olke in selling iphones and other devices -- they are emphasizing sales of services and emphasizing selling cooes bit selina: answered sayingk that turkey, india, and brazil and russia and he said apple's business in india was flat. how are they doing an emerging markets when you look at apple versus competitors? hink, overall they do well. apple is not in this to be the largest volume player. they are in this to be the most profitable player.
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those markets are always a bit challenging, some of these economies like india and so forth, are -- the middle and upper class are compared with the market in the u.s. there's still going to be a little bit softer. they are big markets. selina: tom giles, thanks for joining us. julie ask will stick with us throughout the hour. apple down 7%, by the way. giants like amazon and microsoft are jostling for market share in the cloud. the largest tech company is looking for a piece of the action. sap is known for his enterprise software for managing business and customer relations and now it is putting its strategic for the cloud. 37%.w new bookings rise it says it now generate more revenue from that business. it hopes to take on salesforce and oracle raising its substantial revenue forecast for the current quarter to $6 billion. i sat down with bill mcdermott to discuss. >> you have a major move to the
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cloud. if legacy companies have not fully vested themselves in the cloud, or they've converted their revenue streams more to cloud then on premise, i think you will see them make bold moves to get cloud ready. selina: now, oracle weekly launched its autonomous database. do you see a a lot of competition? are you developing something similar? >> we are briefly taken over the enterprise database market. has many of the characteristics that you mention but moreover it can take data from any source. so, everything that is either structured or unstructured and data from any source in the enterprise it's running the biggest enterprises with more than 25,000 customers at mass scale. selina: sticking with the competition of what to talk about salesforce. catch uphe plan to
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with them in the customer information management cloud market? >> we see a fourth-generation where we'll go beyond the current market participants. basically they focused on sales marketing campaigns, things that essentially take money out of the customer's pocket. what we want to do is focus on an omni channel, e-commerce world where we connect the chain, -- the demand because that customer is show's rural mobile and they shop in every channel, directed consumer, wholesale and retail and we want to connect that. see have a complete end-to-end business? why is this so important? we are not just talking about crm. we are talking about customers. . about theirs think brand, their products, the human capital, their customers, all the people inside a company have to be completely committed to the customers outside the company. this is what we call fourth
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generation crm, all about the customer experience. selina: you have messed with president trump. wall street was quick to cite the tax reform as a way of what is your assessment of his performance and what you hearing from clients? >> the most important thing is as get paid to run businesses and work in an environment where we let government do what government does. and all government leaders have to do what is best for their country and best for their constituents. a serioustarffiiffs are situation. you have the two largest economies, $30 trillion and combined economic power power, i ought to be trouble. it is good. you saw today's tweet. when it was stated at the g-20 president xi and president trump will talk. that is very encouraging to the markets. markets like certainty. we'd like to see the u.s. and
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china cooperate. selina: china is a very important market to sap. how are the tensions affecting the company? it is a german company. engineering is highly regarded in china as it is the united states and around the world but we do particularly well in china. china is our fastest-growing market. we think that china is easily regarded as sap's second home in terms of the market receptivity, the ecosystem growth in china, and our long-term prospects. we think china will end up being the biggest market in the world soon. selina: what is your approach to servicing customers there, given the data privacy concerns? l, we have, as you know the most of his dictated data privacy technology in the world. we acquired a company called gigg where we have billions and billions of customer recordsia. we protect your privacy.
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we do not let customers actually engage you unless you agree you want to opt in on their's offerings from our customers and how they serve their customers so we follow the same reference architecture, high security standards and cloud standards in china that we do in europe as well as the united states and every other theater in the world. we are very confident in china in the way enterprises can serve their customers in china with high security standards. we recently announced a very important partnership with alibaba. that is a cloud partnership that will not only impact our growth in china but also -- the region, one of the fastest-growing regions in the world di . selina: succession is a big issue. who have the best future leaders and are they diverse? >> that is a great question. we just appointed within the last 12 months two when into our executive board, not just
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because they are women but because they are great leader. fox martinbe adair and jennifer morgan. we have a third of our workforce that is female and a third of our leaders that are female. we are very diverse, highly inclusive. the things we really enjoy is what we have done with autism network. now we've dedicated 1% of our hiring to artistic folks, at least on the spectrum somewhere, to basically help our workforce be highly productive and diverse. so, that extends also to the solutions that we have. if you look at success factors, the number one human capital management solution in the have a business without bias mentality. computers don't have bias. the way we built of the all griffins and the software they eliminate bias from hiring, so the computer does not have a bias. it looks for the best candidates and fills an algorithm or model the company is trying to get at.
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if you want 40% of your workforce to be diverse and inclusive, the model is built to do that for you. you don't leave it up to humans. you let the software do the work and the human judgment comes in hiring.inal phase of selina: that was bill mcdermott. and coming up, spotify out with the last -- due to unimpressive user growth. what this means for the future numbers of subscribers up next. an apple's earnings call is underway. tim cook is speaking about apples global growth. cook says apple's business in india was flat, and he would honestly say that he would like to see huge growth there. yet cook did say that business in china was very strong. though far beloved store case. another big headline from the will no longer report unit sales for apple, iphone and mac. >> starting december quarter, we will no longer be providing unit
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sales data for iphone, ipad and mac. as we have stated many times, our -- objective is to make great products and services that enrich people lives and provide -- a customer experiences so that our users are highly satisfied and engaged. ♪
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selina: more headlines from the apple call underway. when asked about health care in growth and subscription, tim cook said apple has a huge opportunity. cook says apple has an intense interest in the space and has added non-monetize price. shares of spotify to government after the company's lackluster forecast. third course of scrubber growth was as expected but the revenue outlook is troubling to investors who are betting on
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paid streaming services. spotify expects fewer subscribers in the fourth quarter. let's bring in our guests to discuss the future of music streaming services along with bloomberg intelligence shonn punter on. i want to start it with you. third quarter subscriber growth was as expected but revenue outlook was not so great. because they were betting on years of growth in paid streaming. our investors lost on that hope right now? >> yeah, so, it's actually a very competitive space. investors are looking at where are the revenue growth going to come from? they had raise their guidance for the fourth quarter in terms of additions of subscribers and they actually cut it back again in third quarter. so, investors are kind of like, what is going on here? there is a change in the outlook for spotify. selina: spotify had some recent tensions with the record labels. they are facing competition from larger giants. how much room for error is
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there? >> the margin for error is very small. what i've been told from a close source of the record label, their working relationship with spotify is doing quite well but what does that mean for the entire record industry? we don't know. what is really important right now was looking at the monthly active users. it's good to be able to bring in total subscribers at a decent amount, 87 million for the third quarter. if you look at the monthly active users, it is lower than expected, and if you cannot get your subscribers engaged, that's a problem investors have to look at moving forward. selina: there was a continued decline in average revenue for users? >> they have shifted to doing family plants from the original $10.00 a month. the investor concern there, they sort of, they knew this was coming, but spotify is also
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planning to raise his expenses next year and increased its r&d spending. with subscriber outlook in question, revenue per user coming down and growing s you're questioning if this company can grow profit longer-term, is -- if its market share is not growing as fast as expected? selina: what about expanding to other types of audio like podcasts? >> this is something that management has not, also, has not look forward to yet. that is a sector they are considering. launched.ast -- they but this is something that could be a growth driver for them. selina: and spotify also had a recent partnership with google. offering the free home mini product. how is this supposed drive subscriber growth. >> if you are a family so scriber, you get a free home mini. that may bring people in. it is nice that google is sort
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of neutral. that will show up over the next 12 months. selina: sean, how would you rate spotify's performance against the competitors? sean: still holds the market share lead. double theclose to size of apple in terms of paid subscribers, doing well. they need to keep proving in 2019 they that can hold fast subscriber growth and that will be the key for investors. if they said to lose market share, it will be a big question mark for the company. selina: thank you both for joining us. coming up, we get back to apple earnings. the market is not like and comments coming from management on the call. shares near the post rating -- post rating low's down over 7%. ♪
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selina: we have been following apple's earnings call throughout the program. the stocks have slumped more than 7% in aftermarket trade, possibly putting it $1 trillion valuation under threat. tim cook has been asked about the company's aims and health care, the expansive product lines, and trade tensions. he's asked also a to say about the game approvals in china. still with us -- >> there is a new set up in china. there's things are not moving the way they were moving previously. we did see a few games of proof farntly, but it's very below the historic pace. as you have probably seen some of the larger companies there that are public have talked about this as they announced their earnings as well.
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we do'n't know exactly when this , approvals will sort of return to a normal pace. so, i would not want to predict that. ano not view, just for avoidance of doubt here, i d that issue has anything to do with the trade related discussions between the countries. i think that is strictly a domestic, a domestic issue in china. ask.a: with us is julie clearly, markets are underwhelmed with the results so far. they are slowing growth. he we need to reconcile with this new reality of forward growth -- of slower growth? because devices and
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hardware have been apple history for so long there is a set of expectations around those kinds of products, but i think growth in the future is going to be slower in some ways. when you look at the services market, we are not getting 700- 800, $1000 a ggame. ame. every 99 cent game that is sold ple.rns 30 cents to ap when you look at the upgrade cycles, those are slowing. these devices are amazing. you have to be a user of the more demanding applications on the phone to really need that upgrade. i do not need a x to do email. i do need it to play the latest video games. selina: there is a lot of excitement around services because is it creating a revenue stream that is not dipping seasonally. if you look over the span of seven years, it has been climbing up. is there something apple should be doing to create faster growth? the service revenue is composed of many different products. julie: it is hard to
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accelerate that growth. on the one hand they do -- when they do get a customer for us at scripps and service, that is steady and long-term. but this is also, services are a lot more dependent on ecosystem partners, apple pay or music, or media or the media library, apple cannot flip a switch and make that happen. grinding an update by day, signing up more partners, negotiate deals, get more services. the more devices the consumer owners, the more valuable the services are. something that grows much more slowly and more organically, it is not about a big bang, wow, i have to have that new product once a year. it's slower. selina: given the important of the services business and how difficult it is, how concerning is the fact that the app store china have slowed and there it is reg lettieri issues around gaming licenses? julie: that is certainly in a foreign element of that market. that,y can accelerate
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those are certainly the kinds of applications that drive demand for new hardware. selina: julie ask of forrester thanks for joining us. that does it for this edition of "bloomberg technology." tune in tomorrow for full coverage of alibaba and our interview with ceo. earnings 5 p.m. new york in 2 p.m. san francisco. this is bloomberg. ♪
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haidi: welcome to "bloomberg daybreak: australia." shery: i'm shery ahn in new york. sophie: i am sophie kamaruddin in hong kong. we are counting down to the open. ♪ here are the top story spirit u.s. stocks extending a rebound from a rough october. apple is the loser in middle day training. -- trading. it's a just weaker demand for the iphones. presidt

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