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tv   Bloomberg Technology  Bloomberg  May 15, 2019 11:00pm-12:00am EDT

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>> i'm carol massar in boston, and for emily chang. this is bloomberg technology. coming up in the next hour, we explore the biggest industries in the region, health as we sit down with the ceos of boston children's hospital and health care.com. plus, turbulence and turnover as ge has upended the company's plans in boston. we explore what happened.
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chinese tech giant report positive earnings results. are doing incent china. we are live from boston this week. innovation, diversity and power of the regional tech economy. we are the greater boston chamber of commerce annual meeting at the austin convention center. this year's theme, women in business. whichever brings together women's from at brought diverse representation of the industry with the people driving the greater boston area economy. we will to that moment. first up to a developing story out of washington. president trump signing an executive order today, as of wednesday, that could restrict chinese television -- took indications firms huawei and zte from selling their lives in the u.s. it is over the new 5g technology network. we have details on this. we were expecting this executive
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order. alex, what does it do? >> this order has been rumored for upwards of a year. itreported in january that might be issued as soon as february. it wasn't. it has been pushed off a couple of times. asre was an internal debate to what it should say and how far it should go. the executive order doesn't name any company or country. -- outrightout banned huawei or zte from selling of products in america. it gives the commerce department review purchases of products made in countries considered adversaries. before those purchases go through. those are purchases by any private company in the u.s. carol: did not single out any company or country, but it does come at a time when trade relations are not going so well with america. alex: i wouldn't say it was not
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meant to single out any company or country. it does not, but the words china or huawei are not in the order, but i think it is very much aimed at china and huawei. i don't think we should pretend it is not and yes, it ratchets an already at sensitive time between the u.s. and china. we are in the midst of watching a trade deal between the two countries collapsed. thatresult, the trade war is now more than a year old between u.s. and china is escalating. this order cannot help. carol: thanks for the details. boston's chamber of commerce meeting. bee.com founder and ceo will investing in the chamber of the distinguished bostonians. afterunded the company her first hand giving care for
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her children. today, her platform is one of the largest online destinations for family care, serving more than 31 million people across 20 countries. she is joining us right now to talk about it. i want to get to your honor this evening and what you are doing is a company, but we have to talk a little bit about earnings. you did beat in terms of the first quarter, but disappointment about the second quarter outlook. what can you tell us about growth in the company? sheila: we are focused on building trust overall given what our brand stands for, focused on background checking and improving overall the delivery and offering for families. carol: that is something you are focused on in terms of caregivers that are part of your platform. talk about that, because i'm assuming it is additional costs to the company. sheila: we have added enhancements that focus around social security, verification,
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enhanced, in-depth background checks, a seven year terminal -- criminal record history. we think investing in these kinds of things is really important for families and long-term value for shareholders. carol: you dear -- you deal with care gripping, -- caregiving give me an idea of where the , growth is. sheila: one of our fastest-growing verticals, we are very excited about it. the mission of care.com is to find trusted affordable, scalable care for families. everything from childcare to senior care and lots of services in between whether it is pet care for tutoring, housekeeping. all in one place they can find great care. carol: we've had senator elizabeth warren talk about universal health care. in terms of your vantage point and what you are seeing, the cost, sometimes the difficulty in getting care for families, is that possible in an affordable
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way? sheila: what i love about what senator warren and others are talking about, it is not about politics, but about families. it to provide them choice. -- and to provide them choice. universal childcare, it is great for getting care, but we need to provide a variety of care. betting crudes -- that includes in-home care. care.com provides a subscription service and then families can find the care they need at whatever cost they can negotiate. we have about 25% of our families are actually 50 k 50,000 household income is below. we are trying to make sure we provide a scalable solution. carol: what is the role for corporations? some folks at amazon's have been pushing the company to be more proactive. what is the role of the private sector? i'm sure you are reaching out to more companies. you have to figure out programs. sheila: i think it is a very big role. i'm super proud of boston for taking the lead for boston companies.
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the chamber backing paid leave, pay equity. everything that supports women. also, a benefit like care at work. we think about companies, many of these great boston companies really provide care benefits so their workers can show up for work. i think it is really important. i am proud. i think they are speaking up and articulating what is important for them because there is interdependency. you need great care to work and you need to work to pay for great care. carol: you have access to a lot of critical information in terms of individuals, health care. i am curious what you are doing in terms of securing that data and data privacy? sheila: it is nonmedical.
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-- >> from a hipa compliant perspective, it doesn't actually touch care.com but we invest a lot around privacy and cybersecurity. requirements in europe, the california requirements. it is something we take very seriously because it is about protecting families and caregivers. carol: let's talk about the award you are receiving. i love this name, women in business, all in. what does all in mean? sheila: it is really about bringing your authentic self to work in all you can do. when i first got my job, i hated the fact i was a mom. i realized i wasn't being true to myself. -- i hid the fact i was a mom. i realized i wasn't being true to myself. my responsibility to find work that i could fit in and be who i am, but also making sure that work takes on the responsibility, embraces diversity. carol: so cultures have to change within an organization. sheila: absolutely. we have much more to do. carol: congratulations on your award and thanks for taking time out. sheila marcelo, care.com ceo and founder. coming up, we've seen uber and lyft hit the public market but we are waiting to see others do so.
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we will talk to one tech investor about the environment. this is bloomberg. ♪ carol: welcome back to
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"bloomberg technology," live in boston. in a year of highly touted ipos, we have seen a lot of names like uber missing the mark but others doing well. we are still waiting on a few others like workplace software platform slack. it is opting to go the direct listing route this year. our next guest is no stranger to watching startups go public, his firm has invested in firms such as slack. he was on the board of a company that was a success story.
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nice to have you with us. i've got to ask you about the ipo environment. what do you make of it? do you consider the uber and lyft ipos a disappointment? >> if you are a late stage investor, you are probably disappointed. it's a complicated story. the company went public fairly late compared to other tech companies. as a result the growth is not , what public investors want to see. on one hand, you look at a company that is worth 60, $70 billion depending on the day, and it is remarkable that a company 10 years ago was worth zero. on the other hand, they raised most of their capital in the last three or four years and those investors are not jumping up and down. it is still very early. carol: i get it, but it has been around for 10 years and it is still not profitable. does that make sense to you?
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bijan: the thing that is different about uber is that they have this challenge where they have to subsidize rides to their consumer and acquiring drivers. it is a challenging business model, and it is difficult when you have to basically incentivize both sides of the marketplace. carol: talk to me about ipo versus direct listings. i know spark is considering a direct listing. why are you seeing that and do you anticipate more startups will go the direction? bijan: it is an option for some companies. spotify had a direct listing. we are investots in slack, so i have to be careful about what i say there. most companies, it is not a possibility for them. i think they really need a brand of a spotify or slack to do it. to get that attention of the street, investors covering, et cetera.
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i think it takes a special company with a special brand. you were an early investor in twitter. social media, what do you make of where it began and where it is today? bijan: clearly, where it began, people would tweet out what they were having for lunch, it is remarkable. it has changed quite a bit. i think it is an important part of the conversation for us to have. -- for us to have access to what our leaders and people are saying locally. i still think it is the definitive place to get information and be able to comment on that for fun, et cetera. clearly, there are challenges with having this kind of capability. carol: we've seen more oversight, certainly among european regulators. where do you think it is all going? do you think it is going to be more rules and regulations when it comes to social media and should there be?
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bijan: for me, i think the real concern is what is happening at facebook with data and privacy. i think the facebook regulatory concern is warranted. i think there have been calls for the company to be highly regulated from the cofounders, even the founder, mark zuckerberg, thinks they should have a different view without they behave themselves. i think you will see more oversight in the u.s. and europe, and it's probably deserved. carol: you like these online communities. what kind of communities are you expecting we will be playing with in the future? bijan: our latest one is called discord. it is a massive social network for gaming. it is quite big. it has 250 million users. it's massive. it has a different dynamic than facebook where people are talking about games. carol: gaming, is that going to
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be -- bijan: i think social networking broadly is an important area. i think we are seeing it play a role in the workplace in verticals like gaming. we are still pursuing it. carol: i also want to ask you about -- i love your website. creating a movement, crazy , magical product, on a mission. i always wonder, when i talked to someone like you, the kind of trends we are seeing that will be more dominant in our world in 5-10 years. you talk about gaming. are there other things? bijan: we were early investors in a company called cruise, that gm bought. this is a leader in autonomous vehicle technology. it has profound implications for cities, urban planning, jobs, how work gets done. it is exciting technology but it has real considerations. carol: a timeline for
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self-driving, i feel like elon musk and others helped speed up the process. is it playing along as you expected? bijan: it's a combination of technical advancement required but it also requires cities to sign on board. ultimately, self-driving should be safer than human driving. carol: talk to me about the investment environment. lots of opportunities out there? seems like there is a lot cash floating around. that could be bad for valuations. bijan: it is difficult, or challenging. it is also exciting to see all sorts of new investors come to the market, individual investors, angel investors. it is a new time. carol: thank you so much. bijan sabet, cofounder and general partner at spark capital. coming up, chinese tech titans alibaba and tencent reporting earnings. what do those results tell us about the ongoing trade war? if you like bloomberg news, check us out on the radio, on the bloomberg app,
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bloomberg.com, and of course in the u.s. on sirius xm. this is bloomberg. ♪ carol: this is "bloomberg
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technology," live from boston at the annual chamber of commerce meeting. let's turn to earnings. alibaba and tencent both reported results. alibaba topped estimates, estimates rose consumer spending. tencent sales fell flat even at -- even as that income beats, boosted by gains on investment. for more, let's bring in kevin
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carter, joining us from san francisco. nice to have you here with us. alibaba and tencent among your top holdings. both seem to be struggling a little bit it seems with the slowdown in the chinese economy. how do you see it? kevin: if 51% growth, which is what alibaba reported, is a slowdown, then i think it is fine. the chinese economy is slowing down. it has been slowing down for a long time, but that is not really news. i think alibaba's report is fantastic. i think what joe said about the tariffs benefiting alibaba is true. tencent has its own idiosyncratic issues with the gaming regulations. carol: the e-commerce business was up about 54%, cloud revenue surging 76%. walk us through some of the different metrics.
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kevin: the core commerce business is their business. notably, they've dropped the e from e-commerce. that is the majority of the business, over 80%. it grew at 54%. there are very few businesses in the world that would not envy that growth rate. the cloud business is an important business because of what they have been investing in. it is growing at 74%. it is expected to grow for an average of 50% over the next few years. business is great. the core of the tariff issues, once they are resolved, is the things that have really helped alibaba. alibaba is well-positioned to deal with any resolution that comes from the trade dispute. carol: i do wonder about how you look specifically at what is going on between the u.s.-china trade regulations.
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-- negotiations and the impact of this having on on companies -- on companies. kevin: it is having a big impact on the stock market, obviously. sentiment will move a couple of points a day depending on what the headline is. last week has been negative. for emqq, we own internet companies in china, india, africa, south america. this is a secular trend. it's not something that is part of the trade wars. the trade wars are about agricultural products, manufacturing products. importantly, it is about rebalancing the chinese economy towards consumption, toward alibaba, and a lot of that involves buying u.s. goods. i think alibaba is in a good position to benefit from the imbalance. carol: talk a little bit more about tencent. alibaba's adrs were up.
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tencent adrs were not. are you making some forays into new businesses, specifically fin tech? how do you see their outlook right now? kevin: they have obviously been affected by gaming, the government restriction of new gaming licenses, which hurt them a lot last year. they underperformed the broader market last year, they are underperforming this year. there is some light in the tunnel in terms of gaming moving ahead, which is their main business. the fin tech part of the tencent story and also the alibaba story, this is something i think most western investors don't appreciate, that the entire chinese economy is ripe for digitization. alibaba and tencent are basically owning the online pain this market. -- payments markets. once you on the wallet, there are all sorts of things can you expand into, insurance and otherwise. that is a bright spot in the tencent business. carol: do you ultimately see, as u.s.-china trade negotiations go on, and they push for more
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openings, will it impact something like a well-established alibaba or tencent? kevin: i think it will affect them positively. at the core of the sort of trade tensions, tariffs, china exporting a lot and not buying as much of our stuff. the good news, china knows they have to rebalance their economy towards consumption. the consumption numbers continue to be quite good. there is no company better positioned for the future consumption than alibaba, and tencent in its own but different way. carol: one last question. your advice to investors right now in terms of their exposure to alibaba or tencent. kevin: they are both reasonably priced companies. their growth rates, alibaba's is higher than $.10.
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-- tencent's. they are both growing quite well. the p/e ratios are reasonable, the peg ratios are less than one. buy and hold both of those companies. carol: we will leave it on that. kevin, thank you very much. he's the founder of emqq, joining us from san francisco. coming up, from the chamber of commerce of greater boston annual meeting, our chat on its latest partnership. bostonchat with children's hospital and its latest partnership. coming up next. this is bloomberg. ♪ carol: this is "bloomberg
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technology," live from boston. we currently are at the boston chamber of commerce meeting. hundreds of business leaders are gathering. you can hear them. i am carol massar. boston is known as a leader in medical care. the vaccineith discovery from polio to smallpox. this year marks the 160th anniversary. boston children's hospital are being honored tonight at the annual meeting in the chamber of commerce. sandy fenwick joins us now.
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. i want to ask you, you have been at the hospital for two decades. what has changed in terms of pediatric care and research. >> we have been working in pediatric care for 150 years. i have seen just amazing change over the 20 years. some of it has been derived from research.
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it is now at bedsides, where we are not only better able to better diagnose children's diseases, but we can use gene thereapy, stem cell therapy, immunotherapy. we are at cusp of curing some of these diseases. carol: whether it is understanding how we can treat all individuals and health care. sandi: that is absolutely right. we have spoken so much on taking the discoveries from the lab, the understandings from the lab and trying to move them as quickly as we can to the bedside, so we can impact the lives of children. carol: i think a decade ago, you guys were one of the first in the nation to introduce a chief innovation officer. what was it about the innovation you needed to have at the hospital? sandi: there were so many people
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not only doing research at the lab but everybody had great ideas to imrpove care, the interaction between our patients and staff, how to use technology, digital, virtual, ai. we said we have to leverage all of those wonderful ideas and express them. carol: tell me about artificial intelligence. health care is one of the industries where it has taken a while, but we are seeing it increasingly play a role. talk about ai, machine learning and how it is changing things. sandi: you see applications everywhere, the amount of data in front of us that can extracted to improve care and education, it is extraordinary. we have partnered with ge health care.
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we have used the learnings and knowledge of our pediatric radiologists and are now using it to improve equipment. we can make better diagnosis is of brain disorders in children. carol: through ai learning and machine learning, we can have better diagnoses. sandi: absolutely. and there will be even greater in the future. carol: senator elizabeth is calling for universal health care. can we do that in an equal and cost-effective way? sandi: i think that is a challenge. we are all looking to be part of the solution. in delivering better care, better quality at a lower price. i think that is an opportunity for all of us. over the last 10 years, it is been a real focus on
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delivering best value to those who purchase care and those who seek it. carol: do think we can get closer to it? in terms of people having access to really good health care? sandi: we have seen this in the commonwealth. children are covered at a rate of almost 99%. -- the-- the access to barrier to access has largely been removed. i think our legislature and business community work together to make that happen. carol: i have to ask you about the theme of the dinner. it is all about women all in. what does it mean for you? it's not too easy for a woman to get the top spot like where you are. sandi: it is an intentional statement about supporting women in business. it is not only the right thing to do but it is good for business. i feel incredibly supportive in -- supported in this community at every level. i have wonderful mentors, most
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of the men. -- them men. colleagues as women who have supported each other outside of our areas of extra cheese. -- expertise. this is making a formal statement that this is so important for our community in both business and society. carol: thank you for your time. she is the ceo of the boston children's hospital. coming up, where it went wrong for general electric. how the companies plan to move to boston did not pan out as planned. this is bloomberg. ♪
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carol: welcome back to "bloomberg technology," live in boston. i am carol massar. it was supposed to be ge's crowning moment when they moved to boston. somewhere along the line, things went off the rails. >> the company announced it was moving its headquarters to boston. >> the ceo was trying to reinvent the company as a digital industrial company. they wanted a software focus. they wanted to be closer to the engineers from m.i.t. and parse -- harvard. boston was a perfect fit.
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>> ge would build this in the boston seaport district and bring 800 new jobs to the city. boston pledged property tax relief and the state of massachusetts kicked in $120 million in additional incentives. the boston mayor was exuberant about the idea. i think it is worth it when ge is the largest company in the world are moving their headquarters to the city of boston. we have other great companies, but general electric is one of those that is such a big win for our city. >> one year later, the feeling was still flowing at the groundbreaking ceremony for innovation point. >> i think boston should look to the future with great promise and optimism. >> this is the start of what i would like to call a terrific relationship.
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>> by the summer of 2017, the ground had shifted for ge. >> you started to see cracks in ge's financials. their cash flow was a huge disappointment. their organic sales growth did not materialize to the level they promised. i don't think anybody realized how bad things were for ge. >> in august of 2017, the company announced it would delay construction of its new tower. pushing completion back two years to 2021. as the cash crunch intensified and its stock price plunged, the digital dream slipped far down the list of priorities. >> he was too ambitious. he wanted ge to be the be-all end-all for industrial companies. especially as the cash problems began to mount, it became apparent that this digital effort was too ambitious. you started seeing them walk down that ambition. >> we have a lot of work to do at ge. we have to strengthen the
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balance sheet. we need to set them up to win. >> in february of 2019, ge abandoned its plan to build a new corporate headquarters and announced only 250 new jobs would come to boston. the company won't be seeking property tax relief and it reimbursed to the state of massachusetts for $87 million in expenses. ge will remain in boston as a renter after reaching a deal to sell the land at innovation point. >> it was something that needed to happen. they are doing it in the appropriate way. not just from a cash management standpoint, but from a pr standpoint. they are clearly trying to say we like boston, we want to be here but we don't have the cash that we did when we started this process. >> our next guest is no straighter to boston. his company is taking on the likes of amazon and they are headquartered here in boston. it is a little noisy, we will
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make it through. we posted story of a general electric. i wonder about industrial companies trying to compete in an increasingly digital world. we know that general electric wants to be the industrial internet of things company. it is not so easy for these companies to make that turn. >> it is very hard. when you look at the giant in the information technology space, amazon, google, facebook, microsoft, they have really started in this new digital way. it is very hard for industrial companies, who are used to doing things in a certain way. everything from technology to accounting is different. the culture is different. it is very hard to do. i think people still need manufactured products.
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i am not sure it is a good idea for people who were making goods to try to pivot. carol: that is a good point. there are a lot of goods that still need to be manufactured. i have to ask you. you talked about companies trying to do something different. you are taking on the likes of some of the huge players out there, amazon, microsoft. you are much cheaper. you offer a terabyte storage for just $5 per month. it is cheaper, faster, how can you do that? >> it is 1/5 the price of amazon storage. carol: how can you do that? >> we have been in the cloud storage space for a long time.
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my partner and i started this company, carbonite. millions of people use it for backup. we are cloud storage specialists. we actually write software to get on the edge of the disk drives. it is arcane, complicated software. programmers think about things like this. amazon's storage product is over 13 years old. this is a whole new generation. carol: we are going to try to power through. some make the argument that if you are storing in an amazon cloud, you will also want your applications in the same space. what do you say to that? >> amazon has over 100 different cloud products.
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they cannot be best at everything. they have something in every category you can imagine. just like when i was growing up, you walked into a data center and every piece in the data center has an ibm logo on it. a local company came along and eight that lunch with disk drives. someone else took the printer business along -- printer business away. someone else took the memory card business away. i think this and they will happen with the big integrated players like amazon. there are people who do stores better than amazon. there are other companies that compute in the cloud that is an -- better than amazon. there are people that do content delivery, how this tv show will be delivered. they do that better than amazon. the feature will be multi-cloud. developers will use the best for each of these applications. at that lower price
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point, how long can you do that to keep scaling up your business? david: the cost of storage is dropping every year. we are growing 25% month over month. we have a really amazing sales proposition. we don't want to be everything in the cloud, we just want to be the best in storage. we can keep that edge for a long time to come. by focusing 100% of our intentions on storage. this is an enormous part. carol: i know it is a little loud. thank you so much. still ahead, how apple and facebook can compete on their own cloud storage. that is next. this is bloomberg. ♪ carol: welcome back to
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bloomberg technology, live from boston. after a strong start for the sales for the next couple he talking about took a turn for the worse this month. they fell for over seven straight days. the company is still up 26% year to date. joining us right now to talk about the business outlook is is the ceo. >> the year is off to a great start. their shareceos see price down, as a publicly traded company, investors can hold your feet to the fire. how do you see it? do you have to have any conversations with investors? >> obviously i spend a lot of time with investors. the conversations are good. we grew our business in q1 almost 30% year-over-year. our earnings per share grew over 40% year-over-year. investors are very happy.
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carol: what do you make of this market environment overall? do you just write it off to the u.s. china trade talks? other concerns of a global macro slowdown? how do you see it? >> there are concerns about the u.s. china trade agreement. i think that has an impact on the market. the good news is the tariffs and things that are happening don't impact us directly. our business is doing well in china. carol: does it impact it at all? >> we had not seen that impact our business. we always worry when we see trade tensions. we all want to see a fair trade agreement worked out. but in the the day, and is not impact us. arel: bigger companies
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relying on their own cloud tool. how does that affect you guys? >> there are cloud companies that do delivery on their own. we would not have that business. the business we do with the class giants grew in q1 year-over-year. we carry a lot of the internet's traffic, including the biggest cloud giants. you aboutant to ask the ipo market. i feel like everybody has been focused on the ipo market. finally getting some momentum. different results. you guys went public in 99. what do you make of today's ipo debuts? uber isn't doing so well. zoom doing well. >> it is a frothy market. not as much as 99. when you have that kind of situation, it is not crazy when share prices fall.
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especially for companies that are losing money, if you don't maintain a wildly high growth rate, would you want forever, -- will not forever you come back , down to earth pretty quickly. carol: i think about when you guys went public, there is so much money around. there is money from the venture capital timidity, family offices, private equity, a company can stay in the red for a number of times. uber, five or 10 years, still not profitable. is that the story, how we value companies? >> i think there is some distortion. it's hard to get into when companies in a profitable, because there is no notion of a price on a price-to-earnings ratio because there is no earnings. the new get into revenue multiple. that is very dangerous. the market is valuing growth quite a bit. you don't maintain those early-stage growth rates. in the end, profits matter. carol: i want to ask you about being here in boston.
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i'm astounded by the amount of development continuing to go on. the intersection of medicine, biotech, venture capital, technology, what is it about being based in boston that has been a plus echo >> the talent here is incredible. the great universities, we moved half a dozen times over the last 20 years. we have always been within the block of m.i.t. within the ami live there. m.i.t.ted the company at the talent is extraordinary. it is innovative. eager to work on billy heart -- really hard problems. that is what we are doing. we are very happy to stay here, we flourishing and growing here. carol: you mentioned talents. as a ceo i constantly hear that is what is difficult, finding talent nowadays. are you finding those difficulties as well?
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>> we are finding great talent here. there is a lot of competition. we are headquartered here. that is a huge advantage for us. a lot of other giants have discovered there is a lot of talent here. headquarters in california, and it makes a difference when you are hiring. we compete very successfully for talent. carol: thank you. >> thank you very much. carol: that will do it for this edition of "bloomberg technology." thursday marks our final day of coverage in boston. this is bloomberg. ♪
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