Speaker 1: From the Heart where Innovation, money and power Collie in
Speaker 1: Silicon Valley, NBN.
Speaker 2: This is Bloomberg Technology with Caroline Hyde and Ed loved Love.
Speaker 3: I'm Caroline Heide a Bloomberg's World headquarters in New York.
Speaker 4: And I met Loudload. This is Bloomberg Technology.
Speaker 3: Coming up.
Speaker 5: We'll kick off our earnings coverage with a breakdown of
Speaker 5: Disney's results as the Mousehouse beats expectations, but is it
Speaker 5: enough to fend off.
Speaker 3: The activist investor.
Speaker 4: Passier's coverage continues as we sit down for interviews with
Speaker 4: the CEOs of lift, Arm and Affirm and Airbnb has
Speaker 4: some AI news.
Speaker 3: And talking AI news. We're going to be joined by
Speaker 3: Bethany Bongiono, the CEO of Humane.
Speaker 5: As her company unveils it's hotly anticipated aipin.
Speaker 3: We're going to replace the need for an.
Speaker 5: iPhone, a product she helped build. That and so much
Speaker 5: more coming up throughout the South.
Speaker 4: The big earning story Disney. The story continued cost cutting
Speaker 4: two billion dollars of additional savings, narrowing losses on the
Speaker 4: streaming business. The Bobbeiger effect is working, but there some
Speaker 4: activism still top of mind.
Speaker 3: Carrect that is and has.
Speaker 5: This been enough to asswage Of course, mister Pelts, when
Speaker 5: it comes to the focus on this company disney earnings,
Speaker 5: we want to dig in deep need of senior entertainment
Speaker 5: and Internet analyst.
Speaker 3: I'm very pleased to welcome Laura Martin Nora.
Speaker 5: Ultimately, the cost saving strategy, the fact that he's pulling
Speaker 5: back on spending on content and maybe even shedding yet
Speaker 5: more jobs, is it enough to assuage some of those concerns?
Speaker 6: You know, I don't think so, because they just did
Speaker 6: twenty seven billion of content spending and it should have
Speaker 6: been thirty because we had strikes most of their fiscal
Speaker 6: year at the Walt Disney Company. Now he's saying I
Speaker 6: you're saying he's going to cut another two billion out
Speaker 6: of content. If you're a content company, first, how do
Speaker 6: you cut spending lower than a strike year? So I
Speaker 6: think either he won't be successful or the subsequent year
Speaker 6: he's going to have to spend a.
Speaker 7: Lot more to try to catch up.
Speaker 6: Otherwise it's going to start. He had very nice subscriber
Speaker 6: growth for his direct to consumer business, seven million subs,
Speaker 6: the most of any streaming company adds in the September quarter.
Speaker 8: If he doesn't.
Speaker 6: If he cuts content costs again, he's suddenly gonna have
Speaker 6: a horrible direct to consumer sub number. And so I
Speaker 6: actually don't think I don't think this will assuage Nelson Peltzenordo.
Speaker 6: I think this is a long term strategy to cut
Speaker 6: your content costs.
Speaker 4: You know, Laura, the streaming business is still such an
Speaker 4: interesting battleground. The company basically said that by the fourth
Speaker 4: quarter of the fiscal year we've entered, streaming can be profitable,
Speaker 4: which given everything you've just outlined, it's hard to see.
Speaker 8: Do you see that.
Speaker 6: You know, he's promised it for the last two years,
Speaker 6: you know, since he got there eleven months ago or
Speaker 6: twelve months. So the answer is he sort of has
Speaker 6: to make it profitable. I think the question I have
Speaker 6: is will they do transfer pricing? Because when they put
Speaker 6: a movie on the big screen like Avatar, and then
Speaker 6: they bring it to streaming, how much do they really
Speaker 6: charge the streaming entity for Avatar versus the linear TV
Speaker 6: business or the movie business. So I sort of think
Speaker 6: there's some transfer prising there that he can make streaming
Speaker 6: look like is profitable, even if technically if it was
Speaker 6: a standalone company it would not be so he'll hit
Speaker 6: it from a P and L point of view. But
Speaker 6: that sort of begs the question about returns on invested capital,
Speaker 6: and he said on the call he really needs to
Speaker 6: get better content. They make too much content, and the
Speaker 6: Marvel stuff especially isn't really working any longer. So we
Speaker 6: need to get more hit films and hit series out
Speaker 6: of the Walt Disney company.
Speaker 4: Now, timing is everything. Sometimes the big headline the actors
Speaker 4: strike ends after one hundred and eighteen days. Why is
Speaker 4: that important now for a company like Disney.
Speaker 6: So it's really important for companies like Disney, Warner Brothers,
Speaker 6: and Fox because they have this really robust linear TV
Speaker 6: payment stream coming from their broadcast television, their ABC, CBS,
Speaker 6: and NBC like Comcast, and without that, Netflix has been
Speaker 6: exactly presitioned for them. Like that's their competitive avantage over
Speaker 6: Netflix is they have these lovely TV series that are
Speaker 6: decades old.
Speaker 1: All of those have been shut.
Speaker 6: Down because the writers and then the actors went on
Speaker 6: straight so all their sort of offerings looked exactly like
Speaker 6: Netflix offerings. So that's bad for them. Now they're going
Speaker 6: back to work, They're going to get more television content.
Speaker 6: New episodes forty minute episodes that strategically is better for
Speaker 6: them compared to the Netflix competition, because Netflix has none
Speaker 6: of that.
Speaker 5: Meanwhile, they're going to be folding in Kulu testing out
Speaker 5: how it is to have it all under one over
Speaker 5: the top product being offered come December. They're also, though
Speaker 5: still eyeing what on earth they already do with ESPN
Speaker 5: to make it the digital force they want it to be.
Speaker 3: Where do you.
Speaker 5: Sit on the m and a storyline coming from CEO
Speaker 5: right now.
Speaker 6: Well, we would like to see Apple by Disney, but
Speaker 6: that's an Apple question.
Speaker 4: Sloans alone. I think you're not the only one that
Speaker 4: thinks that, Laura, So, but I.
Speaker 6: Do think this notion of Disney plus plus Hulu into
Speaker 6: a mega app is a good idea. We saw HBO
Speaker 6: Max merge with Discovery Plus making a mega app. I
Speaker 6: do think that's where the world's going. Those mega apps
Speaker 6: are much more competitive with Netflix than standalone two different apps.
Speaker 6: And then on ESPN, what they said was they're talking
Speaker 6: to lots of partners because they want to create a
Speaker 6: new ESPN streaming app that's sort of like corners of
Speaker 6: the market on sports streaming. And so I'm very intrigued
Speaker 6: by who that might be whether it's Amazon or Apple
Speaker 6: or Verizon or they you know, they said it might
Speaker 6: be marketing support or distribution support or rights. I thought
Speaker 6: ESPN already had all the rights, but maybe not. So
Speaker 6: I'm very intrigued by ESPN. But to me, that's a
Speaker 6: little longer, he said, at the earliest, that's going to
Speaker 6: be a twenty twenty four to twenty twenty five launch.
Speaker 6: So I'm much more interested short term in the Disney
Speaker 6: Plus plus Hulu superapp and whether that drives subscriber growth.
Speaker 4: Laura, is the inner story of Disney. What makes Disney
Speaker 4: a technology company if at all it is not.
Speaker 6: It is a content company, and right now content isn't working,
Speaker 6: so it needs to get that fixed. The content is
Speaker 6: the engine. And then what Disney does best in class
Speaker 6: is drive theme park attendance, consumer product attendance, linear TV bundles, streaming,
Speaker 6: subscription revenue. It drives everything off Avatar, Marvel, Star Wars.
Speaker 6: It is a content first company, not a technology company.
Speaker 4: Needham Senior Entertainment and Internet analyst, Laura Martin bringing the
Speaker 4: energy this Thursday morning. Thank you so much for your time. Now,
Speaker 4: coming up from the show, we are going to speak
Speaker 4: to lift. CEO David Risher on the Right Sharing Company's earnings, Carora.
Speaker 7: What you got.
Speaker 3: I'm actually looking at the shares of Instacram.
Speaker 5: Now, remember they reported after the bell it was actually
Speaker 5: better than expected for this current quarter that they were
Speaker 5: really telling us the numbers on. But again they are
Speaker 5: talking about macroeconomic headwinds. They're also talking about pats and
Speaker 5: dialing back of the advertising growth with seeing the real
Speaker 5: driver for them. But ultimately they're talking about the several
Speaker 5: headwinds like the rest of the online industry you're facing.
Speaker 5: And she says, we're still very confident though in then
Speaker 5: long term opportunity of their business, particularly in Look online
Speaker 5: adoption in grocery in general.
Speaker 3: They expect to expand their categygory leadership over time.
Speaker 5: So a very confident Fijisimo, even though the market doesn't
Speaker 5: seem to be buying it right now, are off by
Speaker 5: nine and a half percent. This is BLUEBG technology. It's
Speaker 5: just checking on the shares. The lift a bit of
Speaker 5: volatility today. Actually having been in the red, they're managing
Speaker 5: to push into the green. Is The Right Sharing Company
Speaker 5: reported third called revenue that actually did beat anas estimates,
Speaker 5: but Look it's the outlook once again that people are
Speaker 5: a little bit cautious around. It seemed to be a
Speaker 5: little tepid in terms of the sales outlook for the
Speaker 5: holiday period. A please to welcome to the show now
Speaker 5: lift CEO David Risher. Great to have you here, and
Speaker 5: David just spell out whether or not some of the
Speaker 5: growth that you saw, particularly Halloween being a bit of
Speaker 5: a blowout, if you can continue that and why not
Speaker 5: at the same sort of pace going into the final quarter.
Speaker 9: You know, hey, Carol, it's good to see you. I
Speaker 9: actually think it's going to accelerate, and you never really know,
Speaker 9: but I can tell you for a couple of weeks
Speaker 9: leading up to Halloween this year, we actually saw record
Speaker 9: bookings in our company's history. And what that tells us
Speaker 9: is that people are getting out, people want to be
Speaker 9: connected with each other. So we actually just introduced a
Speaker 9: feature today that for a scheduled ride to the airport,
Speaker 9: if we're not there within ten minutes, we'll actually pay
Speaker 9: you up to one hundred bucks.
Speaker 1: We'll even pay you to take an uber to the airport.
Speaker 9: We really want to reduce stress for the holidays so
Speaker 9: that people can get out and enjoy.
Speaker 5: Themselves one hundred dollars if you don't get your car
Speaker 5: on time, even if you then take a taxi or
Speaker 5: an uber. I mean, how much can you really pay
Speaker 5: on incentives to make sure that people become addicted to
Speaker 5: your product rather than the key competition.
Speaker 9: Well, I mean the truth is, we don't want to
Speaker 9: pay a dime, right because we want to have a
Speaker 9: reliable product, and we do.
Speaker 1: We focus so.
Speaker 9: Much energy on making sure that if you try to
Speaker 9: get a scheduled ride to the airport, it's going to
Speaker 9: show up a couple of minutes early, it's going to
Speaker 9: wait for you, It'll help you with your luggage if
Speaker 9: you need to. You know, that's what our drivers do
Speaker 9: so well. So you know, our goal isn't to pay
Speaker 9: out incentives. Our goal is to get you to the airport.
Speaker 9: But if for whatever reason, traffic jam or whatever things
Speaker 9: get backed up, you know we'll get you there anyway,
Speaker 9: even if you have to take an uber.
Speaker 4: David, I think we kind of learned quite a lot
Speaker 4: about Lyft last night, the new data on gross bookings
Speaker 4: and on ridership. But that really got me thinking about
Speaker 4: your cost base and the take rate, and I know
Speaker 4: that's kind of old fashioned finance speech. But you have
Speaker 4: had to incentivize heavily and supply hasn't grown. So I
Speaker 4: just interested on how long that dynamic can continue.
Speaker 9: Yeah, so you know, when we think about you know, supply,
Speaker 9: that really means how many drivers we have on the platform.
Speaker 9: Our drivers are actually up forty five percent year on year,
Speaker 9: And the truth is it's actually not been a very
Speaker 9: expensive proposition for us. The incentives that you're referring to
Speaker 9: were really important during cod but of course people really
Speaker 9: didn't want to drive, as you know during COVID. But
Speaker 9: now we actually find so many drivers are coming back
Speaker 9: because it's a flexible job they can do on their
Speaker 9: own terms. They can drive when they want to and
Speaker 9: then they can stop anytime they want to. So, you know,
Speaker 9: it hasn't actually been a big problem for us, and
Speaker 9: something that we think over time is going to be,
Speaker 9: you know, even easier to do is attract more drivers.
Speaker 4: So if for twenty twenty four calendar year, what's your
Speaker 4: kind of reset goal for your company? You know, you're
Speaker 4: a relatively new CEO, You've galvanized the workforce. You know,
Speaker 4: I hear from a lot of sources that there is
Speaker 4: a good energy within the company, but you kind of
Speaker 4: have a lot of work still to do.
Speaker 9: Customer obsession. Customer obsession, you know, Customer obsession is what
Speaker 9: drives profitable growth. That's our whole thesis. And the better
Speaker 9: we can focus on our riders, the better we can
Speaker 9: focus on our drivers, you know, the more we'll grow.
Speaker 9: And we've seen this with for example, women plus Connect,
Speaker 9: which we've just launched in September, that allows women drivers
Speaker 9: and riders to request to arrive.
Speaker 8: With each other.
Speaker 1: People love that feature.
Speaker 9: Drivers love it because they can drive and feel comfortable
Speaker 9: with women drivers and riders for exactly the same reason.
Speaker 9: So these are the sorts of initiatives that are so
Speaker 9: customer focused, you know, focusing on of course fifty percent
Speaker 9: of the population, the women population that can really continue
Speaker 9: to drive, you know, satisfaction and therefore use of driving
Speaker 9: with Lyft and riding with left.
Speaker 5: David, I'm an obsessed customer when it comes to my bike,
Speaker 5: and I could send daily messages about docs not quite working.
Speaker 3: And I can imagine that.
Speaker 5: It's a really hard infrastructure to try and create a
Speaker 5: perfect scenario for every rider at the moment, particularly in
Speaker 5: New York City, for example, are you thinking of partnerships
Speaker 5: when it comes to the bikes, are you thinking of
Speaker 5: divesting in that particular part of the business.
Speaker 9: Yeah, so, I mean I love the fact that you're
Speaker 9: a big cyclist.
Speaker 8: I know that you are.
Speaker 7: And by the way, you're not alone.
Speaker 9: In New York City, we typically provide about one hundred
Speaker 9: and sixty thousand rides a day, right, I mean that's
Speaker 9: as big as a lot of public transit systems are.
Speaker 9: So it's a really significant thing for a lot of
Speaker 9: our riders.
Speaker 1: And as you say, hey, it.
Speaker 9: Is, you know, sort of a complicated business. We're actually
Speaker 9: putting in new docks in New York. I don't know
Speaker 9: if you've seen them yet. They're easier to dock. They
Speaker 9: actually charge up the electric bikes, which are a huge
Speaker 9: source of growth. But anyway to your question of.
Speaker 8: Are we looking to partner, we are.
Speaker 9: We're looking to partner with organizations that can really continue
Speaker 9: to invest in the infrastructure that's needed so that e
Speaker 9: bikes can be even more popular or tomorrow than.
Speaker 8: They are today.
Speaker 4: David, I'm sorry, I want to go back to the
Speaker 4: supply issue because I'm reading the cell side reaction and
Speaker 4: even women plus Connect, you know, I see that as
Speaker 4: kind of a driver for rider shit. But I wonder
Speaker 4: if that initiative has also brought more women drivers to
Speaker 4: your platform and made you more competitive on the supply
Speaker 4: side too.
Speaker 9: It sure has, and it's such a good point because look,
Speaker 9: only twenty three percent of our drivers are women today,
Speaker 9: and by the way, they only drive fifteen percent of hours.
Speaker 8: So what does that tell you?
Speaker 9: Even though it's a great job, right because it's flexible,
Speaker 9: you can log in when you want to, you can
Speaker 9: log off, you can pick your kids up from school,
Speaker 9: you can go to your other job, whatever it is
Speaker 9: you want to do. That tells us is we need
Speaker 9: to continue to invest in bringing more women drivers onto
Speaker 9: our platform, which increases the overall driver's supply. To your point,
Speaker 9: and that's what we see happening. We're now available in
Speaker 9: fifty markets across the United States, excuse me, fifty five
Speaker 9: across the United States, and.
Speaker 8: It's super successful.
Speaker 9: So it's a great example of a customer obsessed initiative
Speaker 9: that benefits both drivers and riders and ultimately makes it
Speaker 9: more appealing for everybody, which then, of course drives growth,
Speaker 9: which drives profitability.
Speaker 4: That's how you build a great business. David, we ask
Speaker 4: you once again. I think now for the third time.
Speaker 4: Are you opened still at this point to a sale
Speaker 4: or being acquired.
Speaker 9: I love the consistency of the question. I'll give you
Speaker 9: a consistent answer. You know, we will always answer the phone,
Speaker 9: you know, that's part of the job.
Speaker 1: But it's not our focus.
Speaker 9: Our focus is on customers and are just obsessing over
Speaker 9: them so that they can get you know, home for
Speaker 9: the holidays, they can get to Thanksgiving stress free.
Speaker 8: That's really the focus.
Speaker 4: Licia daved Rish a greats catch up. Thank you for
Speaker 4: joining us from San Francisco. We appreciate it. A firm
Speaker 4: Sharre is absolutely surging today after the buy and now
Speaker 4: pay Lata company posted fiscal first quarter revenue and forecasts.
Speaker 4: The top testamers joining us now is a firm CEO
Speaker 4: Max left Chin and book who's here our INCHINALI best
Speaker 4: to take it away?
Speaker 10: Thanks Ed, and thank you Max for joining us. Of course,
Speaker 10: the market is reacting to the numbers, the revenue doing
Speaker 10: much better than expected. But there's a point that I
Speaker 10: want to touch on here first, and it's this idea
Speaker 10: of credit quality. Because even though you've seen a little
Speaker 10: bit of a deterioration quarter over quarter, it improved quite
Speaker 10: meaningfully from a year ago. Is that sustainable?
Speaker 2: I will point out that even the deterioration, as you
Speaker 2: put it, was something that we had predicted and deliberally
Speaker 2: communicated to the market to the quarter ago, or we said, look,
Speaker 2: we expect.
Speaker 7: A slight increase through the summer entirely see Denale.
Speaker 2: You're related, and it will normalize right after and that'll
Speaker 2: be exactly what we saw.
Speaker 7: So all of this means is we are in control
Speaker 7: of the credit.
Speaker 2: Outcomes of the loans we make, and it is in
Speaker 2: contrast to the rest of the industry. Anywhere you look,
Speaker 2: you see delinquencies creeping up and both struggling to maintain
Speaker 2: a sort of a quality credit performance. Well, we have
Speaker 2: been able to distinguish ourselves. It's not an accident and
Speaker 2: it's not a secret may behind. It's the structural advantage
Speaker 2: that we have. We write very short term transactions four
Speaker 2: and a half months.
Speaker 7: It's the way to add life below.
Speaker 2: And every transaction is individually underwritten, which means that we
Speaker 2: have an incredible degree of control over what we actually
Speaker 2: put into our book.
Speaker 8: Max.
Speaker 10: The other thing that you've been talking about more at
Speaker 10: a firm, you're a traditional buy now, pay later pioneer.
Speaker 10: But you now have the affirm card. How much does
Speaker 10: that compete with the buy now, pay later model.
Speaker 2: It's actually perfectly complementary to it. It's to me, I'm
Speaker 2: heavily biased. It's sort of my baby, but it is
Speaker 2: the for the moment at least, the key of achievement
Speaker 2: of binoculator.
Speaker 7: It's binoculator on your debit card that works.
Speaker 2: Both online and offline, entirely control into your hands. You
Speaker 2: decide it's going to be a transaction which just settles
Speaker 2: against your cash baland or becomes the bino biliad alone,
Speaker 2: as always were affirmed, entirely transparent, no lead these milk
Speaker 2: compounding interests, no gimmick key flocking schemes to contend with.
Speaker 2: It's the perfect embodiment of what we've been working on
Speaker 2: for a decade. And more so, it's just compliments and
Speaker 2: everything we've done. And we have incredible road amount of
Speaker 2: plans for their part it. We'll talk a lot about
Speaker 2: it next week in our Industrial Form event, but we
Speaker 2: have years and years to build into this thing.
Speaker 1: Max.
Speaker 4: We said here, Hi, we got Adobe analytics data this
Speaker 4: morning that showed October was a record in the US
Speaker 4: frontline spending, and the MPL was a big sort of
Speaker 4: contributing factor to that. I know you've talked about the
Speaker 4: Amazon relationship, and you just mentioned next week that what
Speaker 4: other modalities do you see by now pay later kind
Speaker 4: of growing into going forward.
Speaker 7: I think there's quite a lot more growth to cover.
Speaker 2: I think the secular shift, especially among the young consumers.
Speaker 2: We're about two thirds millennial and gen Z on our
Speaker 2: consumer base, they ask for more transparency, they want easier
Speaker 2: way to understand what it is they're going to own
Speaker 2: when they're going to be out of death and so
Speaker 2: to set pulled alone creates ample.
Speaker 7: Opportunity for company like ours to grow.
Speaker 2: We think there'll be incredible growth in offline with buyout,
Speaker 2: realiter in brink and mortar on our card, but also
Speaker 2: from our app directly. We think there are opportunities in
Speaker 2: small business lending. You've heard our announcement last week we're
Speaker 2: going into solve Props and we think there are many
Speaker 2: many small businesses we get help there.
Speaker 7: So there's just lots of.
Speaker 2: Places where this idea of honest financial products makes a
Speaker 2: lot of sense.
Speaker 7: And the consumer and consumer of this product is just longer.
Speaker 5: To work uwidstanding actually calling out how you're really communicating
Speaker 5: more clearly about the customer journey, how you can think
Speaker 5: about purchase capacity, communicate with us about your investment capacity
Speaker 5: right now? How much do you want to be investing
Speaker 5: in the business when we do have perhaps calls that
Speaker 5: an economy is going to turn, when we are thinking
Speaker 5: about how much we need to outperform in terms of
Speaker 5: the world of AI, where do you lean in on?
Speaker 2: You know, we're fundamentally a software development company. You know,
Speaker 2: everything we do we do in house and write a
Speaker 2: lot of code. The results of this quarter or speak themselves,
Speaker 2: but they're fundamentally just the sign up how well we've
Speaker 2: been executing primarily in building great software and delivery partners.
Speaker 2: That is our area of investment. We're not a marketing
Speaker 2: prown company. We're able to spend really barely. Anyone can
Speaker 2: speak of sails and marketing. We just build a great products.
Speaker 2: And so when we speak of investment, we speak hiring
Speaker 2: talent and so optare engineers, talented underwriters, talent, learning folks,
Speaker 2: talent in the ivys that just made our products that
Speaker 2: are over time the base for ourselves.
Speaker 10: You know, you raise your guidance. But even before that,
Speaker 10: your stock had more than double this year on a
Speaker 10: two year basis, though, Max, you're still down. So I'm
Speaker 10: wondering if you look at the next leg for a firm,
Speaker 10: the next big ambition, the way to drive growth moving
Speaker 10: forward is what is next? Is it going global? Is
Speaker 10: it cutting a big deal? How do people think about
Speaker 10: the story moving forward?
Speaker 2: Yes, the short answer, we're already on the right here abouts.
Speaker 2: We have whole intentions. During Global we spoke about uniting Kingdom,
Speaker 2: our likeliest next point of entry global market.
Speaker 7: We do think that there are plenty of retailers, both
Speaker 7: online and offline that.
Speaker 2: Are still to benefit from one of financial products we
Speaker 2: build them, and so we are very active in marketplace
Speaker 2: and our example opportunities these days to help retailers inventory, especially.
Speaker 7: As we had into the holidays. But there's a lot of.
Speaker 2: Interests in our products along merchants. And then just if
Speaker 2: you look at how the sheer side of the market
Speaker 2: and are placed in it, you know, as you know,
Speaker 2: lucky we've been with this incredible growth. We are less
Speaker 2: than three percent list. I love the Bobby commerce, so
Speaker 2: there's just so much to go in less than eight
Speaker 2: you know the flicker of scale over all rounder, so we.
Speaker 7: Have a little lot to go.
Speaker 5: Max Levchen a Firm CEO, We thank you and our
Speaker 5: own Shinali Bassec.
Speaker 4: Welcome back to Bloomberg Technology.
Speaker 5: I'm Ed Babo and I'm Caroline hid and I've got
Speaker 5: a quick market check for you, because look, we are
Speaker 5: on such a winning street. When you look at the NASDAG,
Speaker 5: we're actually up for what ten straight days, longest is
Speaker 5: November twenty one. If you look at s andp up
Speaker 5: for the longest winning street potentially since two thousand and four.
Speaker 5: If we cling onto gains, the bomb market sells off
Speaker 5: as we anticipate some supply today. But noticably, I'm looking
Speaker 5: at bitcoin on a tear once again. We're at thirty
Speaker 5: six thousand. Moving on the individual movers, Apple and interesting one.
Speaker 5: Will they face a fine once again in the EU
Speaker 5: and the whopping like thirteen billion euro figure that is
Speaker 5: potentially what's being advised. We're also looking at what's happening
Speaker 5: with the world of Airbnb because some product Finessa's announcements
Speaker 5: coming after of course earnings previously, we're up just about
Speaker 5: a tenth of a percent one hundred and seventeen is
Speaker 5: currently where we trade, but we're going to get really
Speaker 5: the intricacies of ultimately what's going on with this business,
Speaker 5: how they're looking to improve and continue the consumer and
Speaker 5: ed You've got so much more on that.
Speaker 4: We welcome our Bloomberg Radio listeners and TV audience worldwide.
Speaker 4: Airbnb is unveiling new features and AI powered tools for
Speaker 4: its app and a push to increase reliability. As part
Speaker 4: of the new features, listings rated above four point nine
Speaker 4: stars with less than one percent cancelations from hosts, we'll
Speaker 4: get a new guest Favorite label. Two million out of
Speaker 4: the more than seven million homes on the Airbnb platform
Speaker 4: qualify for that label. Let's bring in airbnbco Brian Chesky
Speaker 4: and our very own Emily Chang take it away.
Speaker 11: M Thank you Edin, Thank you Brian as always for
Speaker 11: joining us. Look, we can count on you now to
Speaker 11: sort of up the any with these new Pride features
Speaker 11: a couple of times a year. And as a guest,
Speaker 11: I'm excited about guest favorites, but at the end of
Speaker 11: the day, it's about driving new business.
Speaker 3: How many new.
Speaker 11: Additional bookings do you think these new features can unlock?
Speaker 12: I mean, I think this is going to be a
Speaker 12: really big growth driver for US Emily. And the reason
Speaker 12: why is the number one reason people like Airbnb is
Speaker 12: because the homes are unique.
Speaker 8: Every home is different. The biggest problem with Airbnb.
Speaker 12: And there we're in resent people book hotels is you
Speaker 12: know what you're going to get, And we ask, what
Speaker 12: if we can combine the best of both? What if
Speaker 12: you can have the uniqueness of Airbnb with a reliability
Speaker 12: you expect from a hotel.
Speaker 8: And that's what guest favorites are. But it's not our word.
Speaker 12: It's our guest word because we took three hundred and
Speaker 12: seventy million reviews and millions of customer service contacts and
Speaker 12: we created this collection of two million homes. I think
Speaker 12: this is going to bring a whole new audience to Airbnb.
Speaker 8: There was a lot of.
Speaker 11: Focus on your outlook last week when you reported results.
Speaker 11: You talked about macroeconomic trends. You said there's volatility, You
Speaker 11: said bookings could moderate, and that you're already seeing signs
Speaker 11: from that in this quarter. Can you tell us a
Speaker 11: little more about this volatility, where is it coming from,
Speaker 11: how dramatic is it and how big is the impact
Speaker 11: going to be?
Speaker 12: Well, mostly what we were doing is we were just
Speaker 12: a few weeks under the quarter, and we were seeing
Speaker 12: a lot of geopolitical uncertainty, so we just wanted to
Speaker 12: be cautious. The same time, we feel like our business
Speaker 12: is extremely resilient. We've done four point two billion dollars
Speaker 12: in free cash flow this year trailing twelve months. That
Speaker 12: is a forty four percent free CASHUW margin, our revenue
Speaker 12: group eighteen percent year of a year.
Speaker 8: So we're feeling really good at this very moment.
Speaker 12: We just wanted to exercise a little bit of caution
Speaker 12: just given what was happening in the world.
Speaker 11: So you've said Airbnb is now ready to expand beyond
Speaker 11: its core. Can you give us a tease where is
Speaker 11: that next level of growth and monetization going to come from?
Speaker 8: I think it's a few areas.
Speaker 12: I mean, let me first say, I think we've only
Speaker 12: scratched a surface of how big our core business of
Speaker 12: booking homes around the world could be.
Speaker 8: Next is international.
Speaker 12: You know, we're in two hundred and twenty countries and
Speaker 12: reads around the world, one of the most global intercomies,
Speaker 12: and yet a lot of our business is still concentrated
Speaker 12: in the United States and a few other English speaking countries.
Speaker 12: So whether it's Germany, Korea, Japan, Brazil or many other countries,
Speaker 12: these are huge markets that we can grow and that's
Speaker 12: going to create a huge amount of growth. And by
Speaker 12: the way, if there's ever a company that would be
Speaker 12: able to expand our nationally, it would be a global
Speaker 12: travel network.
Speaker 8: And then beyond that, I think everybody can do.
Speaker 12: Much more than offer homes for people to book on
Speaker 12: a nightly basis. And I hope to be back on
Speaker 12: your show soon to be able to tell you about
Speaker 12: some of those things to.
Speaker 4: Our Bloomberg Radio and TV audience. Wellwhile we are speaking
Speaker 4: to airbnbco Brian Chesky and mentioned it at the beginning,
Speaker 4: these kind of regular annual updates. And I know you
Speaker 4: yourself are actually pretty hands on product wise, but it's
Speaker 4: all done internally. And I think about the investments that
Speaker 4: you've had to make to do the AI integration to
Speaker 4: this latest tool. Where are you spending is it just
Speaker 4: purely on talent? Where am I spending my time or
Speaker 4: our money or time and money time is money. I'm
Speaker 4: spending most of my time on the product. What I've
Speaker 4: spent most of my time in the last two years
Speaker 4: back up. Travel is one of the most aspirational things
Speaker 4: in the world. Right If you ask people all the
Speaker 4: money rod would do, they say they travel. And yet
Speaker 4: the way a lot of travel companies are run, they're
Speaker 4: run by just looking at the financials and look at
Speaker 4: the metrics, and we do that, but there's something deeper.
Speaker 12: You have to create an amazing experience for guests and hosts.
Speaker 12: And so what I've done is I've been listening over
Speaker 12: the last couple of years, and we made three hundred
Speaker 12: and fifty major features and upgrades based on what the
Speaker 12: communities told us. We said that yesterday was a turning point,
Speaker 12: that when we could have a major answer for reliability,
Speaker 12: the number one reason people book hotels. Now we have
Speaker 12: permission to do new things because people don't want new
Speaker 12: things from you unless they love the thing you do.
Speaker 12: I think people are gonna love guest favorites, and I
Speaker 12: think we're gonna be ready for us to see new things.
Speaker 12: And that's what I'm spending my time on. My time
Speaker 12: is spent on innovation and what's next for Airbnb.
Speaker 5: I'm perhaps sometimes having to go and talk to regulators,
Speaker 5: and I think of some of the reasons people are
Speaker 5: buying hotels in New York.
Speaker 3: Is because there's less airbnb supply. You call it basically
Speaker 3: a de facto ban. How is that going? What are
Speaker 3: you doing to trum push back?
Speaker 12: Well, it means the way it's going is that hotels
Speaker 12: are now up eight percent year of a year from
Speaker 12: a cost perspective. If you have me on here next year,
Speaker 12: I'm going to make a prediction hotels will be more expensive.
Speaker 12: I'm not sure if housing will be down. So New
Speaker 12: York I think is turning into at least a cautionary tale.
Speaker 12: I'm disappointed of how it could go. But you know what,
Speaker 12: other cities have chosen a different approach. We're one hundred
Speaker 12: thousand cities in our top two hundred markets. Eighty percent
Speaker 12: of them have sensible regulation on the books. So we
Speaker 12: found a sensible solution. And whether it's London or Paris.
Speaker 12: In Paris, half a million people are going to stay
Speaker 12: in airbnbs for the Olympics. So I want cities to
Speaker 12: know that we want to be part of the solution,
Speaker 12: not part of the problem, and we're willing to compromise
Speaker 12: and come to the table and find ways to make
Speaker 12: the cities work.
Speaker 8: And I think a lot of other seas have found
Speaker 8: that path rian.
Speaker 11: You know, obviously what's going on in New York has
Speaker 11: been pretty dramatic. You know, people are calling this the
Speaker 11: airbnb apocalypse, and there are a lot of concerns that
Speaker 11: other cities could follow on, even if they do have
Speaker 11: smart regulation. Now I'm sort of curious on top of that,
Speaker 11: what are the travel trends that you're seeing post pandemic.
Speaker 11: Are people wanting to say, you know, I'm tired, I
Speaker 11: just want to staycation? And you know, what trend changes
Speaker 11: are you seeing in travel trends for the folks who
Speaker 11: are going out.
Speaker 12: So two things, just on the first part of the question.
Speaker 12: We do not think New York is a trend. We
Speaker 12: think New York's late to the party, not early. I
Speaker 12: mean again, we've worked with cities around the world. We
Speaker 12: now collect nine billion dollars of hotel tax, and I
Speaker 12: think that cities are not looking to New York on
Speaker 12: the travel trends. It's really interesting, Emily, before the pandemic,
Speaker 12: eighty percent of our business was people either crossing a
Speaker 12: border or going into a city the pandemic that was
Speaker 12: shut off.
Speaker 8: So what were people doing.
Speaker 12: They're getting a car and they were staying in big homes,
Speaker 12: larger homes with their friends, their family, typically in less
Speaker 12: urban areas.
Speaker 8: So what's happening now.
Speaker 12: What's interesting is the old Airbnb is back, the old
Speaker 12: ways of traveling are back, but the new ways of
Speaker 12: traveling are here to stay.
Speaker 8: And there's two reasons why.
Speaker 12: Number One, even though some people are going back the
Speaker 12: office more often, there's a lot of flexibility. You can
Speaker 12: now do more work from an extended weekend. I'll make
Speaker 12: a prediction next week for Thanksgiving or the week after
Speaker 12: for Thanksgiving. A lot of people aren't taking three or
Speaker 12: five day weeks. They're taking seven day weeks. They're going
Speaker 12: to work remotely Monday or Tuesday, so they're going to
Speaker 12: start taking those longer trips.
Speaker 8: So it's actually a very resilient business.
Speaker 12: And I think that more people are going to travel
Speaker 12: because it's what was taken away from the pandemic, and
Speaker 12: I think it's how they want to spend time with people.
Speaker 3: I want that seven day week.
Speaker 11: Brian, last quick question, we've only got thirty seconds left. Affordability.
Speaker 11: You're bringing down cleaning fees. Prices have come down a bit,
Speaker 11: but do they need to come down more? And can
Speaker 11: you do that without alienating hosts.
Speaker 12: Yeah, I think our secret sauce is finding this magic
Speaker 12: balance to make sure that on the one hand, the
Speaker 12: offering is affordable for guests. Another hand, posts are still
Speaker 12: making great money putting on Airbnb.
Speaker 8: We don't price anything, So what we're doing is we're just.
Speaker 12: Trying to provide transparency and tools and guidelines.
Speaker 8: Here's the good news.
Speaker 12: In the United States, prices are three percent down on
Speaker 12: Airbnb year of a year. Yeah, host earnings are at
Speaker 12: record highs while hotels are up ten percent.
Speaker 8: So the trend line's going in the right place.
Speaker 12: And I think hopefully a year from now, heart prices
Speaker 12: won't be going up nearly as fast as hotels. And
Speaker 12: if that happens, it means airbeds a better value every
Speaker 12: year than the year before.
Speaker 3: Something's deflationary.
Speaker 5: Airb and Me CEO Brian Chesky, we thank you so
Speaker 5: much for your time, Blomas, Emily Chang as well.
Speaker 3: We have having you on.
Speaker 8: Thank you.
Speaker 3: Coming up, we'll.
Speaker 5: Speak with Armed CEO Rennie hass Is joining the show
Speaker 5: and the company's first set of earnings as a public company.
Speaker 3: Again, this is Bloomberg Technology. Welcome to our TV and
Speaker 3: radio audiences worldwide.
Speaker 5: Chip design firm ARM out with earnings for the first
Speaker 5: time since it returned as a public company.
Speaker 3: That was back in September.
Speaker 5: It's beat expectations for revenue and adjusted earnings per share
Speaker 5: in the second quarter.
Speaker 3: Shares, as you'll see, under pressure at the moment.
Speaker 5: This is more about the outlook for the company. Best
Speaker 5: person to speak to about it the m CEO, Renee
Speaker 5: has It is great to have some time with you
Speaker 5: and you're backtraining it kind of where you priced on
Speaker 5: the IPO at the moment, I'm looking at a fifty
Speaker 5: one twenty at the moment. Tell us a little bit
Speaker 5: about the ongoing weakness in the industry when it comes
Speaker 5: to mobile because you've been diversifying, but why is that
Speaker 5: not bearing fruit in the hair and the now?
Speaker 1: Yeah, thank you, Caroline.
Speaker 13: You know, we had a record revenue quarter, which we
Speaker 13: are thrilled about. ARM has never done eight hundred million
Speaker 13: dollars in a quarter, and we also raised our yearly guidance.
Speaker 1: So we're very very confident about the outlook going forward.
Speaker 13: The stock's a little noisy, I think based upon timings
Speaker 13: and things of that nature, but you know, generally speaking,
Speaker 13: what we're seeing is our royalty business has increased three
Speaker 13: quarters in a row.
Speaker 1: And what we're hearing from our.
Speaker 13: Partners that were in the trough in terms of the
Speaker 13: overall inventory and getting better, and our licensing business is
Speaker 13: really strong.
Speaker 1: So as a result, great quarter and we have raised
Speaker 1: our yearly god idance.
Speaker 5: Okay, the context there is clear, and I'm interested about
Speaker 5: perhaps the AI focus that you've been having. There's been
Speaker 5: licenses for potentially a bit lumpy at the moment when
Speaker 5: it comes to companies wanting to deploy your technology within
Speaker 5: their AI offerings. I'm interested in when that becomes big volumes,
Speaker 5: when does that become more dependable rising royalties?
Speaker 8: Do you think?
Speaker 1: Yeah?
Speaker 13: So, I think one of the things we saw this
Speaker 13: last quarter in terms of our increased licensing activity was
Speaker 13: companies looking to invest more to address this demand for
Speaker 13: AI and AI everywhere. I think the general perspective was
Speaker 13: that you need more and more compute technology. What existing
Speaker 13: systems today is not good enough.
Speaker 1: More is needed.
Speaker 13: So I think across all markets, we're going to see
Speaker 13: AI find its way into the end product. So for us,
Speaker 13: you know, seventy percent of the world's population uses ARM.
Speaker 13: It's literally impossible to do an AI application without us,
Speaker 13: and we think over the next several years it's going
Speaker 13: to drive great growth for US and for that R
Speaker 13: and D is needed.
Speaker 5: And I go back to the fact that you sort
Speaker 5: of said there's noise around the share price. That's kind
Speaker 5: of the conundrum of being a public company is the
Speaker 5: fact that you are a.
Speaker 3: Business that needs to spend internally, need to innovate, you
Speaker 3: need to.
Speaker 5: Invest, but you've now got these short term goals that
Speaker 5: in public investors want to see in terms of revenue
Speaker 5: build in terms of profitability. How are you finding that
Speaker 5: tension as a publicly traded company with ultimately a more
Speaker 5: demanding public investor base.
Speaker 13: Yeah, And as mentioned again, we had record revenue in
Speaker 13: the quarter. Our licensing business was up over one hundred percent.
Speaker 13: So what that says is companies are increasingly spending money
Speaker 13: on developing products that have arm inside. And based upon
Speaker 13: that and the royalty outlook improving for the year, we
Speaker 13: did raise our guidance annually. So as I mentioned, we're
Speaker 13: very very confident about the year ahead. As far as
Speaker 13: the balance between R and D and meeting goals and things.
Speaker 1: Of that nature.
Speaker 13: It's from something every public company see or even private
Speaker 13: company CEO has to consider. So I don't think we're
Speaker 13: in any different bucket there.
Speaker 4: Welcome to our Bloomberg radio and television audience worldwide. Speaking
Speaker 4: to armed CEO, Renee has Yes, the eagle eyed out
Speaker 4: there would notice, Renee, there's a discrepancy, right, it's in
Speaker 4: the cautious outlook for the current period and then this
Speaker 4: kind of full fiscal year boost you had relative to
Speaker 4: the kind of guidance during the IPO road show. What
Speaker 4: accounts for that discrepancy? Why short term worry but kind
Speaker 4: of confidence that longer term you're going to start booking,
Speaker 4: particularly on the licensing side.
Speaker 1: Yeah.
Speaker 13: So we've just returned to the public markets, and I
Speaker 13: think we've got some time to help teach the outer community.
Speaker 1: About how our business works.
Speaker 13: Our licensing business is both the combination of timing and
Speaker 13: ratable revenue. In terms of when we can actually recognize
Speaker 13: the revenue. We have great visibility into deals. We have
Speaker 13: great visibility in terms of the revenue profile, which is
Speaker 13: why again we're very very confident in the year. So
Speaker 13: inside the quarter, our licensing tends to be lumpy. Something
Speaker 13: might happen one month versus the next, But in the main.
Speaker 13: We're very very confident and have great outlook in terms
Speaker 13: of when and if those deals will close.
Speaker 4: Rene ARM is still mostly a smartphone story, highly cyclical,
Speaker 4: low margin market. You may gains in data center in auto.
Speaker 4: Can you tell us when ARM will stop being mostly
Speaker 4: a smartphone story?
Speaker 13: I think I can tell you that today in terms
Speaker 13: of mostly we were probably sixty percent of our revenues
Speaker 13: prior to the acquisition, maybe more. We're tied to smartphones
Speaker 13: today it's less than half, so we are not mostly.
Speaker 1: A smartphone company anymore.
Speaker 13: Our royalty revenues in the last quarter we're up twenty
Speaker 13: percent in cloud and twenty percent up in automotive, So
Speaker 13: we have greatly, greatly diversified. And that's really a combination
Speaker 13: of both a very very focused strategy to do so
Speaker 13: and the pull and demand for ARM technology driven by
Speaker 13: power efficiency. These megawatt data centers cannot afford to add
Speaker 13: more and more energy. At the same time, your automobile
Speaker 13: running off a battery, it's a computer on wheels, needs
Speaker 13: to be very very efficient as well. So the trends
Speaker 13: are in our favor, and we've also made the investment
Speaker 13: in the specific products. So as a result We're seeing
Speaker 13: very very strong growth across these other businesses, and I
Speaker 13: think you can say that today we're not a smartphone company.
Speaker 5: Thirty seconds left Renee, which is always a joy for
Speaker 5: a CEO to hear.
Speaker 3: But I'm interested in London listening anytime soon.
Speaker 1: London listening anytime soon. Nothing that I can talk about
Speaker 1: specifically today.
Speaker 13: You know something we're considering down the road, but nothing
Speaker 13: specific I can tell you today.
Speaker 4: I'm c rene has thank you.
Speaker 1: For joining us, Thank you so much.
Speaker 5: It's an AI powered wearable device, but it's not going
Speaker 5: to screen and it's what Humane is betting on with
Speaker 5: its new AI pin. It's a standalone screenless device. Look
Speaker 5: that you actually pined your clothes like you lapel, and
Speaker 5: it has users engaging with it through its intuitive kind
Speaker 5: of touchpad to make calls, send messages, take photos, so
Speaker 5: much more.
Speaker 3: Maybe translate what you're saying. You can use your hand.
Speaker 5: Let's bring in Humane CEO Bethany Bongiano to the show,
Speaker 5: who's in San Francisco. On the day of the launch.
Speaker 5: People will be able to start ordering from the sixteenth.
Speaker 5: I think people have already been on some sort of
Speaker 5: wait list for this. What made you build it ultimately,
Speaker 5: because it's going to.
Speaker 3: Replace the phone. If I'm getting this rut.
Speaker 14: Yeah, thank you so much for having me. It's really
Speaker 14: great to be here today on a really big moment
Speaker 14: for us. We've been building for quite a while, and
Speaker 14: really the vision has always been to build the first
Speaker 14: personal computer that allows you to take AI with you everywhere.
Speaker 14: And that's really the vision that we've had since day one.
Speaker 5: People have been so excited to see what you're going
Speaker 5: to provide, largely because you've got some big backers. You've
Speaker 5: got already two hundred and thirty million dollars raise. You
Speaker 5: came out of Apple, of course, key to their product development.
Speaker 3: Everyone waiting with baited breath.
Speaker 5: Ultimately, how do you think that this will be demanded
Speaker 5: for when it's the first of its kind?
Speaker 3: But there will be competition.
Speaker 5: We already understand that Sam Oltman, one of your key investors,
Speaker 5: is looking at building a wearable with none other than
Speaker 5: Johnny I've.
Speaker 14: Yeah, I think it's incredible that we're at this moment
Speaker 14: where we are really seeing the fact that we're at
Speaker 14: the beginning of a new age of compute. I think
Speaker 14: it's incredible that there's a lot of excitement around the space,
Speaker 14: and we've been building this vision since twenty eighteen. We
Speaker 14: knew it would take some time to build an ambient,
Speaker 14: you know, and very personal computer in the way that
Speaker 14: users expect, and I think it's amazing to see where
Speaker 14: we are now. And again it's just the beginning.
Speaker 4: Definitely, let's break down the hardware and software component. What
Speaker 4: is it that Humane's cracked on the hardware side and
Speaker 4: what is it that open aiy is bringing here on
Speaker 4: the software side.
Speaker 14: Yeah, I think at the heart of it, we knew
Speaker 14: that we wanted to build something that was going to
Speaker 14: be as powerful as a smartphone. That's really challenging in
Speaker 14: a very small form factor, the miniaturization of it, the
Speaker 14: development of the antenna. We have an antenna that is
Speaker 14: truly global, that can roam anywhere. We also have a
Speaker 14: lot of technology packed in a very small package, and
Speaker 14: I think that's really the differentiator. This is a standalone device.
Speaker 14: It's not connected to any other companion device. This is
Speaker 14: something that is truly standalone and is network connected, and
Speaker 14: that absolutely has been the biggest challenge.
Speaker 4: Caroline referenced the reports from September that open ai and
Speaker 4: SAM will work with Johnny Ive on an AI smartphone
Speaker 4: or to device and in common, you do have the
Speaker 4: underpinnings of the AI technology. How will you work around
Speaker 4: that and remain sort of unique or competitive?
Speaker 14: Yeah, I think that for us, what we're building is
Speaker 14: a true personal computer. We have both our own proprietary AI,
Speaker 14: we also use models from open AI and other models
Speaker 14: as well, and that we'll be continuing to grow over time.
Speaker 14: And I think we're just excited to see more excitement
Speaker 14: about in the space in general. I think that means
Speaker 14: we're all heading towards a world where ambient compute will
Speaker 14: be part of our day to day life, which is
Speaker 14: pretty amazing.
Speaker 5: So we're not suddenly dominated by our screen throw it
Speaker 5: to the side. Who and how did you build a
Speaker 5: supply chain into this at the moment, bethany where are
Speaker 5: you managing to get this built?
Speaker 8: Yeah?
Speaker 14: It was incredibly challenging, as you can imagine building a
Speaker 14: company starting in twenty nineteen, building through the pandemic. We
Speaker 14: have some incredible partners across the globe really that have
Speaker 14: been part of this journey. Humane is a small company,
Speaker 14: but we have partnered with incredible groups of people around
Speaker 14: the world that allow us to really have the ability
Speaker 14: to manufacture in a way that I think hopefully we'll
Speaker 14: be able to live up to the demand, which we
Speaker 14: know will be incredible.
Speaker 4: Definitely, are there plans for low aspect kind of more
Speaker 4: affordable models of this for markets like China or Asian markets.
Speaker 14: It was always our intent early on to make it
Speaker 14: as approachable as possible, I think for the amount of
Speaker 14: technology that you're getting, I think we set a pretty
Speaker 14: high bar for ourselves in terms of pricing it as
Speaker 14: at a level that we think is approachable and accessible
Speaker 14: by as many people as possible. That was something we
Speaker 14: set from day one in twenty eighteen what we wanted
Speaker 14: the price point to be, and we.
Speaker 1: Worked really hard at that.
Speaker 14: Of course, there will always be improvements over time in
Speaker 14: terms of driving down costs, and that will always be
Speaker 14: something that is important to us. How can we make
Speaker 14: this as accessible by as many people as possible?
Speaker 4: Hemine CEO Bethany Bon, thank you so much for joining
Speaker 4: us here on Bloomberg Technology.
Speaker 14: So thank you for having me really appreciate it.
Speaker 3: That does it from this edition of Bloomberg Technology.
Speaker 4: Such a massive show to recab so many CEOs. We
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