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tv   Bloomberg Technology  Bloomberg  April 23, 2019 5:00pm-6:00pm EDT

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♪ ♪ emily chang in san francisco, and this is "bloomberg technology." snap deliver strong first-quarter results thanks in part to its new android app. daily active users increased for the first time in a year. twitter reports positive results, saying product changes are drawing more consumers and advertisers, but concerns about hate and misinformation remain. i sat down with the cfo. and google's drone unit has
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become the only drone firm approved as an airline by the u.s. faa. what does this mean for the future of the industry? first, our top story. snap shares a search after first-quarter results that exceeded already high expectations. the earnings gave investors another reason to be optimistic for a revival of the social media company. the parent of the photo messaging app snapchat says it sales rose 30% to $320 million for the three months ending march 31. snap also reported 190 million people use the app daily, compared to 186 million in the previous quarter. >> in some ways, snap is back. but i want to point out that the stock closed 10% higher, but still a long way off from the $17 ipo price they went at with in 2017.
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it shot up since the ipo, but since then it has been a really rough ride, as facebook has stolen, or borrowed and used successfully rather, their key features. the company is putting out key features. the android app appears to be moving the needle on user growth. emily: user growth data beat. analysts were expecting adding 600,000 users, and instead they added about 4 million. is that something analysts believe snap can sustain? >> i am not sure exactly where that's going to go, but i think it is a positive sign when it comes to the android rollout. snap is a very big app, with a lot of video, a lot of streaming, things that take a lot of internet usage, an app best used on an iphone, a more expensive phone. now that they redesigned the app from scratch for android, which
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took a lot of time, they have been talking about this for a long time. if they can pull in that whole universe of people, 85% of the world uses android instead of apple's ios. that's a lot more people. them attribute in the user growth to the android boost shows some positive signs for things to come. emily: you have obviously covered technology for a long time, joining us here in the studio. do you think a real revival of snap is possible? >> indeed it is. i think it is the time in the social media environment where people are looking for a more private, more controlled environment like snap. i think there is a proper backlash to the social platforms like twitter and facebook. a chance for snapchat to bring in a slightly older demographic back into the fold. they lost a lot of that
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attention, mostly because of people preferring instagram and facebook and twitter. emily: the product for some is hard to understand and difficult to use. om: it is hard to understand for older people. for younger people, it is not, because they are very native on the platforms. my nieces, they use it all the time and have no problems. it took me a while to figure it out. emily: i will not tell you which side of the spectrum i fall on. [laughter] gerrit, a couple weeks ago analysts said snap would lose users in the united states, and instagram would pick up those users. snap pushed back against that report really hard and said they were misinformed. how do we square those things? gerrit: snap was sitting on the numbers that they now put out. it turns out they were right. it's always tough with this. talking about the internet, social media, things flying back and forth. we've been talking about
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concerns with facebook and twitter for a couple years, but instagram continues to grow even though it is part of facebook. and even facebook had a great quarter last quarter, and expectations for results tomorrow are positive. a tough business to look at, what's going on in society and say that means x, y, z for these companies. emily: om, as we discussed, facebook and instagram have copied many snap features to great success. stories are now a huge thing on both services. do you think that kind of competition is something snap can continue to defeat? om: i think you have to think about it from a revenue standpoint. snap invented the vertical advertising idea. facebook and instagram ran with it and made it pretty much an industry standard. that benefits snap. it can take a lot advertising created for those two platforms onto its platform. a lot of things
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that can go right for snapchat, but snap has to get over itself. the biggest enemy of snap is snap itself. emily: what do you mean? om: they have been slow to move on things. they have been dismissive of emerging markets for growth opportunities. coming out in 2019 with the android app? that's a b-minus in my book. if 90% of the world is on android, why are you not? that tells meet management has decided they are too cool for ntinue, and if they co they have been like a great baseball player with a lot of potential, just not mike trout. alik, sticking with us. garrett to think -- garret de vynck, thank you. the electronics
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industry is starting to emerge from a slide in demand. revenue ashare on high as $4.7 billion. one of the first chip companies reporting in march, texas instruments provides investors with a view on demand across the industry. coming up, more tech results. we talk about twitter's performance in the first quarter as it continues to clean up its platform. this is bloomberg.
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♪ emily: twitter surged the most since october 2017 after reporting strong first quarter user growth. the social network beat estimates on earnings and revenue, posting an increase in
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monetize a bull daily active users to 134 million, twitter's new self-reported metric. this is as twitter continues to track -- crackdown on misinformation and fake accounts. i asked their ceo about the growth strategy. >> we have disclosed -- cfo about the growth strategy. >> we have disclosed this growth. the work for us is to get out of range, by continuing to improve the service and get people a great experience when they come to twitter. so we are always working on improving the timeline, improving the relevance of the notifications we send you. we will do work this year to improve on boarding. we have a great prototype app now, where you can see the things we are experimenting with, and we will bring the best of those to the platform. emily: so are you expecting growth as quickly? see a bigally, you
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seasonal uptick in the first quarter, with large absolute growth in the first quarter. the work for us is to sustain that in terms of percentage growth over the course of the year, but there are events, seasonality that tend to help that number on an absolute basis in q1. emily: some analysts say that this new number is not very transparent. we don't know how you decide what is a monetize a bull daily active user, so -- monetizable daily active user, so can you give us more information? ned: we feel it is perfect transparency, because that is the number we go against internally monetizable daily active users people who go to or an app on the phone who can see ads every day. importantly, it is the exact number we go against internally. we have been sharing a number externally for some time, monthly active usage. if we get people to come to twitter once a month, we have
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failed. we aren't delivering for them. we want people to come every day. we want them to see value on twitter and keep coming back to find out what's happening in the world and what people are talking about. emily: monthly active users, continuing to decline. international growth seems to be slowing down. your revenue guidance for q2 was a little light. should we be worried? ned: a couple things. m.a.u. is a more inclusive metric, which includes people who get text messages with tweets in them, things we are not designing around right now about the best experience you can get with twitter. that number has moved around a little bit. going going up, m.a.u. down, apples and oranges. we began a broad recovery last year outside the united states. comps are tougher internationally in the first half, and get harder in the second half in the united states. that is not an excuse, just the math and how it works. the challenge for us, the work
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we will endeavor to undertake all year is continuing to improve ad products, continuing to drive better ad formats, so we can deliver great results regardless of what the growth was. emily: you have been working on improving the health of the platform. you say that 30% of content is now being flagged by technology for human review? tweets wef abusive ultimately review are being flagged by machine learning as opposed to humans. that is correct. emily: how much realistically can you get that number up? how much more work can the technology do? ned: we think it can do more. it will be hard to get to perfect, but the goal is for us to have really clear policies and have a product that can enforce the policies, and to have really good people behind the product to can support the product and the policies. hopefully that 38% grows up, but we are really proud of the progress. emily: they're still continue to be concerns about hate,
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misinformation, fake news is spreading on social media. we recently had a situation in sri lanka, a series of bombings, social media completely shut down. was twitter shut down in sri lanka? ned: instead of specific examples, let me talk more broadly about how we think about these things. we are in an incredibly dynamic environment, where people are using platforms like twitter in different ways all the time, and we need to both be respectful of the tragedies that sometimes will occur, as we need to be thoughtful about how perpetrators use the platform, how victims use it, how people seeking news who are 10,000 miles away use a service like twitter to make sure people can trust the information they find, and that they are comfortable being part of the conversation. emily: what is interesting about the sri lanka situation, that the government shutdown the services without any evidence that the crime was spun up on social media, but because they were concerned about
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misinformation and violence spreading on social media in the aftermath. isn't that a concern, that that's the first reaction of an entire country? ned: it tells us there is still work for us and others to do, making sure people can trust the information on a service like ours, that it is being used appropriately. it's the reason why health is our number one priority, both from a resource perspective and a mindset perspective. emily: my interview with twitter cfo ned segal. i bring back om malik, and on the phone forrester senior analyst jessica lu. you heard ned there. what do you make of his answers when it comes to improving the health of the platform? jessica: i think it's a good effort by them, but they have a lot of work to do. the social network is still riddled with issues. of smallke the sort product weeks they have made so
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far, like hiding comments or allowing comments to be hidden. the party line about machine learning and ai detecting abuse, 38%. sort of continuing to rely on users to self-report. those efforts are not going to change the social network dramatically. i would love to see a stronger position on proactive content moderation and regulation policies, explicitly stating what is banned, what is allowed versus what is banned. harder, more consistent evidence of how they are handling bad actors would be helpful to see from them. are they banning them for life? are they not allowing them onto the social network to begin with? and it would be great to see the voices of the users, running some periodic user tests or surveys to see the actual impact of the cleanup efforts. in the overall health improvement from the user perspective, i feel like all those questions and answers quite frankly are missing. emily: om, would you agree?
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om: i agree with jessica. but i also understand this is not an easy problem to solve. i think the challenge for any information system is to start to distinguish between rumors, information, news. i think it is much more difficult to achieve than we on the outside like to think. but i definitely think twitter should be doing more than they are currently. they should be looking for ways to validate the actual accounts much more strictly than they are right now. there's a lot of low hanging fruit they could be plucking right now to make it better. emily: on that note, jessica, you felt that this new monetizable daily active users metric was not very transparent. ned responded to that concern there. growing, butumber
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of course it is a number that twitter chooses. did that answer satisfy you? jessica: yes and no. he answered the question of how tizable is defining mone daily active users, so that was helpful to hear directly from twitter. however, those numbers make twitter look good. i realize it helps them with stopping their double-counting, excluding fake users. but when twitter's user numbers look better, the ad pricing and advertisers' media plans hinge on those user numbers and impressions. so a social network finding a way to improve their user numbers helps boost their ad revenue in the long run. so there is this ripple effect that happens in media buying, and selfishly from twitter's standpoint to find a number that helps them improve on the user front is good for them.
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a hiddens sort of incentive there. emily: meantime, minutes after i sat down with ned segal, news crossed that jack dorsey, ceo of twitter, just met with president trump in a closed-door meeting. we don't know about that meeting, twitter is not commenting, but the president did tweet about it -- great interview with jack dorsey from twitter, lots of great discussions about social media. look forward to an open dialogue. the president was complaining about how republicans are treated on twitter, and complained about twitter in doing some account cleanup, the president has lost followers, jack dorsey has also. i cannot recall mark zuckerberg meeting with president trump. what do you make of this? om: tim apple met with president trump. [laughter] if he is the president of the country and wants to meet an
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executive, saying no is a choice you make. but as a citizen of the country, you may not like the person, but you have to meet the president. emily: maybe we don't see it in the growth numbers, but twitter is a huge part of the national conversation, and is the president's platform of choice. om: when news happens, it is on twitter. that is where the genesis of information is, and everything comes from there. so it is an important platform. there's a lot of work to do for you can't hold a ceo responsible for going and beating the president. yes, there's a lot of people who do not appreciate the president, but that doesn't mean you shouldn't go. that is how i see it. emily: twitter has said over and over again, the importance of reflecting different views. om, you are sticking with me. jessica liu of forrester, thank
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you so much for coming in. i should mention, bloomberg lp, the parent company of bloomberg news, produces tictoc, a global breaking news service for twitter. all right, coming up we will talk about facebook filling some top positions as the social network prepares for more regulatory hurdles and push in 2019. details next. this is bloomberg. ♪
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emily: facebook made two high-profile hires, naming jennifer newstead as general counsel, and a new vice president of global comedic eight and. -- communication. one signal for facebook as they wade through backlash, controversies and the threat of regulation. newstead, a long time corporate lawyer in washington focusing on legislation, for a
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short time and advisor to the state department. john pinette worked for bill gates, credited with writing parts of the patriot act expanded law enforcement's ability to conduct surveillance after 9/11. we talked earlier about the possibility of a snap revival. you are optimistic about that. do you think facebook can claw itself out of this mess of scandals and controversy? om: one of the key things you have to think about with facebook, who are the people they are hiring? the last two to three years, the company has been hiring people from the political spectrum. whether it was the accidental hiring of whatever the organization was, bringing in politicians to represent the company's pr, nick clegg and a few others. so you are looking at a company that increasingly understands that its battle is going to be legislative. it will be fought in washington. i think it is preparing for
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that. i don't think this company improves in any particular manner. the people they are hiring now, they are here to defend its actions, not improve its actions. emily: what about users? om: users have never been part of it. facebook's world is all about facebook. all the stories in the last few weeks tell you again and again and again that facebook has only one incentive, to look out for facebook user. users are just pawns. emily: you deleted your facebook, but still use instagram. om: once or twice a month. emily: do you think instagram or whatsapp can be the hope for facebook, the future? om: i see what is happening at instagram, and they are becoming more facebook-like, so it is only a matter of time before i
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delete that account. emily: all right. om, if you could predict where facebook is next year, what do you predict? om: right here. we are all complaining about their actions. they are still making money. we should do something about it. emily: i should correct myself earlier, jennifer newstead is credited with writing parts of the patriot act, not john pinette. it will be interesting to see how both new hires work out for facebook. obviously, we have seen a lot of executive turnover. two new players on the chessboard. true ventures partner, om malik, always good to have you with us. thank you. lyft has gained new "buy" ratings at five firms. what they say about their long-term opportunities next. and later in the show, alphabet's drone delivery
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service gets an unprecedented clearance from federal authorities. what it means for the future of unmanned deliveries. this is bloomberg. ♪ .
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emily: this is "bloomberg in nology," i'm emily chang san francisco. on a tear breaking record after ecord, but the push is driven by a handful of familiar names with four adding half its gains month, those for, apple, amazon, microsoft and facebook. companies have correctively contributed 50% of the nasdaq's gain in april. joining us to discuss, from new are the main drivers of this rally? >> it's interesting the intro that you have. 50% of the point gains on the nasdaq 100.
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and intel,w in cisco it's about 60% of the point since the we had december 24 low have basically come from six or seven stocks. of wonder how t much further this rally can go if you don't get a little bit participation from some of the smaller companies. that's really sort of been the issues here. analysts say it's fine. we can ride this wave off of those big companies. point, you run into that wall. if you don't have the smaller companies sort of participating rally is ly, that going to fade out pretty fast. emily: the question is will the momentum keep up? romaine: the short answer is there is potential. e came into the earning season with a pretty low bar. there does seem to be some sort here that the growth story is in check at least for some of the companies, particularly on the software and and on the cloud services side. you're still seeing some and ess in semiconductors hardware. when you look at the price action over the last couple of
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days, you saw some huge block the tape, across people buying into this rally, ot only the individual stocks, thewe saw on the enchl t.s, bigger buyers do see this as an opportunity to get in. mily: lyft has been upgraded by four different analysts after, you know, days and days sentiment negative following the company's i.p.o. lower,end of the day, 1% but why suddenly all of these analysts coming out with good news? these : most of analysts, if you read their notes carefully, they're focused on the long term growth story. not necessarily years.g out one, even two most of them, they were quite bullish on it, they had caveats regard to the company moving to more acton mouse type f driving system and beating back the competition. 12 months price target at 26, excuse me 96 and
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a price target of around 86. when jeffries with its price it said, look, it can reach this price target primarily because it has a much base.r it also has positioned itself in better cities a little than uber, more growth potential. a lot of the value in this stock and company is going to be how it controls costs and you're going to see that reflected in the share price on er up or down depending how that shakes out over the next few weeks. emily: it will be interesting gets out of the gate to see the comparison between analysts and whether coverage of one impact coverage of other? romaine: most analysts say uber of thunder from lyft once it actually comes to market. there are a lot of folks that ook at these two companies as being identical. of course, both uber and lyft would make an argument that and re not necessarily one the same. they have slightly different business models and some should be y they valued differently and they should even be included in a
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sortfolio together as companion or counterweight to each other. managers viewolio these companies, view their narratives and make a decision, other or ne or the maybe can i own both. emily: romaine, thank you so much for stopping by. well, moving on to streaming is returning to the junk bond market facing increased competition from new streaming likes of rom the disney and apple, netflix is selling $2 billion worth of two-part offer. to match some much needed has ng for a company that burned through cash through 19 straight quarters. to discuss we have bloomberg's reporter mollyce smith. bviously, molly, netflix is making lots of investments in original content. at what point is wall street forgiving? molly: we haven't reach that point, emily. his is a company that is continually cash flow negative and looks for are to be for the
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with netflix ture looking to burn through $3.8 year.n of cash this we haven't reached that turning point of the stoi. as management said last week, expecting their financing needs to shrink starting next year and that the bond sales are going to shrink it so that the company is going to move towards more of a elf-funded and ultimately profitable model. emily: do we have any more detail on where they will spend this money? they have used this term general corporate purposes. us a little give bit of guidance, that can acquisitions, it can include development and production. acquisitions more probably. hey really do use this one catch y'all umbrella term that most companies use in their use of procedures. for netflix it's about generating content green. that's been where the bulk of dollars being spent are. they're planning to invest $15 billion in content this year
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is where clearly that a lot of the money is going toward. that's what the story has been all along and why they continue to be cash flow negative. competition from disney unveiling their new streaming later this year, apple, and warner media as well. is there any indication as to netflix's financing needs will subside? molly: that will start next i'm glad you brought up about the point about the other with these other streaming services and what offerings they can be providing. lot of those companies, apple, amazon have thought to be possible acquirers of netflix in the past. netflix, olders of that would be an immense positive if you could be taken strong really investment grade company like any of those three and have that balance sheet to support your borrowing.
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emily: we will stay tuned, bloomberg's molly smith, thanks so much for weighing. suspended its search for a new chief executive officer and acting c.e.o. agreed to stay on for the end of the year. in a statement the company said we're very pleased to recognize talents and efforts with the extension and we look forward to all that he will to do to build on cbs's remarkable momentum. time k over after long chief les moonves was ousted over allegations of sexual misconduct. coming up, how uber is trying to relationship y's with local law enforcement across the globe as it prepares to go public. this is bloomberg. ♪
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emily: uber has discovered a police et the departments on its side. it's sharing its ride data with enforcement. bloomberg has the story, brett joining us now. uber sharing with law enforcement? brett: yeah, so remember they 15 million rides a day, 3 a lion drivers, so they have little bit of everything to be honest with you. they've got your driver's number, they have vehicle and insurance nformation, they also have g.p.s. data and they use a.i. to recognition and that sort of actually can help using multiple aliases, they have a little bit of everything on offer.
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in the past, uber has had a contentious relationship ith law enforcement and is indeed being investigated for riminal and illegal activities around the globe. are police departments buying this? the police departments are trying to do in the establishment of these global law enforcement teams about is really to liase with ay the company to liase with them. than e on the ground different tech companies are and things e to treat differently. bloomberg business week has two dozen instances of them trying from local law enforcement. in our reporting, what we found intimate ery sort of conversations with people involved in cybersecurity, what they're trying to show local we have, we can be of help. emily: so talk to us a little
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global law ut the enforcement team and some specific cases they've been working on. there is about 70 members right now. it's really been going. 300 different agencies in 51 countries. a couple things that they have with, for ed instance, the london bridge 2017, they helped to establish a geo fence around here so no one potentially involved in the attack could escape. they were also helpful in the shooting, actually last ear, where they informed the broward county sheriff's office that the alleged shooter had to the taken an uber school. they were involved in those. to be helpfulmpts during the parisian attacks. do privacy advocates think of about all this? brett: they're not that excited about this. uber has a history of september data, in
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they agreed to pay $148 million to settle a data breach. importantly, if you use uber, if you signed up for uber, and probably on will be shared in the kind of that police departments make to uber. parisian ces like the attack, there was an uber driver who thought that he actually had one of the terrorists in his car and thought he was being helpful in reporting it to uber. actually turned out that this erson that he had as a passenger was just an international businessman who's traffic patterns happened to of micic that of the terrorist, but he got swept up in this thing. very easy for your information to be shared in that way. emily: if you could look out two years, this is a company that is changing very fast. what do you imagine the
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uber and ip between police departments will be, because, yes, as you say, this s critical information, but it is also private information. bret: look, as companies as they start toknow think of different considerations. i don't think it's coincidental of this team h i.p.o.,ight before their though what i can imagine appening is only a further sharing of this level of information across more of these global law enforcement teams. rightt four agencies open now, the largest of which is in amsterdam, but the companies two more. one opening in mexico and one opening in brazil. is they're going to continue to open these to try to facilitate as information sharing. emily: bloomberg's bret begun, fascinating story. you can read the full story in upcoming edition of bloomberg business week and hear our magazine's editors on
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bloomberg radio. certified rator got by an airline. can now begin routine deliveries in u.s. skies and in a ing with deliveries pair of rural areas in virginia in a couple of months. our ll us more, we got bloomberg aviation reporter in washington. so allen, this is kind of a big what does this mean? know, it meansyou that they really can start taking money for deliveries. they've been able to couldn't, its, but could only do it as a demonstration and so it moves it forward. i have to say, in terms of significance, i would almost say it's as important for other as cts of the drone world well because this creates a road drone company to
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ecome a part of the mainstream aviation community and that means, you know, companies that to fly these in construction sites or do long range surveillance of things sort of ges and that thing, it really opens up all shorts of commercial opportunities. emily: so what exactly are they going to be doing in virginia? alan: i think a little bit of is they're trying to do just test the market. amazon model, unlike where they already are giant to ilers, they are going local merchants and sell items and i think, you know, part of what they're trying to do is see exactly what what will not. and do people want to get an instant of sunscreen or more
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in burritoses. it's trial and error. that's what they're hoping to do a couple s you say in months. emily: what about the safety issues? are they going to tell everyone virginia, hey, something might be falling out of the sky and going forward? still many, many outstanding concerns. so there are definitely concerns. the folks at wing are going to spend a considerable amount of in the next two to three months working with the local community to try to smooth over make sure that there is no backlash. i do want to mention, you know, of the of falling out sky, the reason that the f.a.a. certify wing's operation is that they have a confidence that their aircraft will not be falling out of the sky. say that about the drones that you're buying for hobby use,et they're not nearly as robust,
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backups has multiple and that sort of thing and they have conducted thousands of here in the u.s., but a lot in australia. f.a.a. what gave confidence that they had enough robust backup system so that happening. emily: that is somewhat reassuring. we'll be watching to see how this plays our. bloomberg's alan levin, our aviation reporter, things for that. is onehead, construction of the largest industries as yet technology. bringing construction into the talk to ge and we'll the founder next. this is bloomberg. ♪
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emily: considering an investment in wire car that in the ve it a 5% stake beleaguered payment firm.
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they have hired financial and buy bonds that could be concerted into wire card shares. with the matter say it could shore up investor onfidence after alleged accounting wrongdoing at the company's singapore operations. the global construction industry is valued at over $10 rillion, yet it's been notoriously slow to catch up with technology. construction ata, inefficiency cost the global year.y $1.6 trillion a in construction projects regularly lose up to a third of it.r value because of plangrid wants to close that gap. gives the ability to time and e in real it's mobile first technology savings users roughly seven week.a joining us is tracy,co founder. on the how penetrated is the
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by truction industry technology, how much is there? of accessing the construction records which is the problem that we solve, most are being run off paper and pen. emily: how penetrated is the onstruction industry by plangrid? how much -- years, 1.5 st seven million projects have been built with plangrid. the smallest kitchen remodels to the largest projects in the world. you help lk to us how contractors, what is it, it makes sense, bring to life to giving them the ability to create 2d and 3-d example.for >> sure thing. as a contractor, you take the and specifications and translate them to physical structures. art of that means you need access to all of the construction information and with paper, it's just hard on a building like this,
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the initial set can be 10,000 heets of paper, how do you bring that into the field. well, super simple solution with in the cloud them and make them available on mobile devices. publish gs change, hit and everyone gets access and pdates from their mobile devices. emily: you got bought recently y auto desk, how does that change operations? >> a lot of things haven't haveed and a lot of things changed. e were a 400 person firm integrated into a 10,000 person company. i have a boss now for the first named jim, n years that has changed. emily: now, construction can be cyclical, i wonder how that impacts your business, when downturn, economic could that spell trouble for plangrid? >> we see investment in massive, ion is still it has to be, construction is the infrastructure of the world.
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shift, though, from commercial office buildings and expensive condo minutums infrastructure projects. emily: it is an opportunity? > our population is increasing rapidly. there just isn't enough housing and infrastructure to support growth. emily: so when you sort of let'syour own outlook for say the next one to two years, economy andr in the what's happening? tracy: it's certainly on our every discussion at the leadership level. we do believe that the emerging keep the economy going, the global economy going. finegrid is that rightn over 100 countries now. emily: you are announcing a new
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product. building information modeling. now that we're a part of auto desk, one of the nice perks is get access to their technology. s leaders of design, we are bringing design directly into the field. e have launched plangrid into the field. it gives our users the ability o be in 2d, access the information directly from langrid and also with one tap, switch over to 3-d and go back and forth from 2d to 3-d. we couldn't have built this as fast without access to auto desk. now you have risen to the top of two male-dominated tech industry and the construction industry. so what kind of advice do you have for the women who come you? tracy: i think this advice too. be good for males, work hard and don't complain. mily: all right, so, when looking at the construction and
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trends in construction and in construction, what should we be looking out for in years, whate to five sort of trends are you expecting to see? have to become more productive as an industry. that means that given crucial to the economy and environment and society, we have to do better as the dustry and that means negativelye use that impacts our earth to the amount of time we spend buildings these projects. afford wasting time. we have to deliver the world's infrastructure or else the who will suffer the most isn't me or you, it's everyone less fortunate than emily: tracy young, good to have you here on the show. much for stopping by. that does it for this edition of "bloomberg technology." we've got lots more earnings coverage later this week. results, we will be across all of it.
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>> welcome to day break australia. side.aul allen in >> i'm at world headquarters in new york. >> i'm in hong kong. e're counting down to asia's major market opens. aul: the top stories we're covering in the next hour, u.s. stocks close at a record, but it may not last, a warning that the rally may soon end. new 2019 high with saudi arabia said to be wary of raisingout put to offset the impact of u.s. sanctions on


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