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tv   Bloomberg Technology  Bloomberg  July 29, 2021 5:00pm-6:00pm EDT

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tell anyone in the justice department who they should prosecute, i would not tell the health industry, the government health entities, what they should ssy -- what they should say and do. my guess is, we are going to reach that conclusion in the early fall. reporter: you said to people who are fully vaccinated, you no longer need to wear the mask. [indiscernible] president biden: [indiscernible] reporter: in may, you made it sound like the vaccine was a ticket to losing the mask forever. president biden: [indiscernible] and what happened was, a new variant came along, they didn't had vaccinated, it spread more rapidly and people were getting
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sick. that is the difference. [reporters shouting questions] caroline: president biden, making it update to where the vaccine currently stands. he says it is unclear whether the federal government can mandate stock for all the united states. nevertheless, he said he would like to see groups move toward d vaccine mandates. federal employees now need to be vaccinated or tested. now, we can transition to " bloomberg technology" as it is currently underway. >> i want to start off with that golden dragon index, those chinese adrs down once again. that kind of momentary optimism you saw coming out of china, perhaps there was a turnaround in regulatory scrutiny, investors, and you saw it
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dropped out .5%, not bad, but not great. and you have the nasdaq index down 0.8%, not in line with the text rate today. check did not do that great today and you will see why as we get to earnings. but i want to mention bitcoin flat on the day. the risk taking ability not so green today. i want to show you earnings there because that is where a lot of action happens, at least after hours. let's start with amazon at the top. 7% decline. this has everything to do with the net sales. not only a miss, but their forecast is not looking good either. at this is not the best time, especially when you are a mega cap check -- mega cap tech company especially when you come out with earnings. you have to really blow investors on the water. and pinterest, not just not meeting expectations, they also lost users.
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looking at the broad story, it seems some of the pandemic-related boom in tech and social media might be wearing off. joe: i want to ring in melissa burdick, -- bring in melissa burdick. first quarter of reporting under andy jaffe. he wasn't ceo for most of the quarter they were reporting on, but what is your take on this post-pandemic shopping outlook, not living up to expectations? melissa: great to see you, emily. i think it is really interesting. i definitely think there is a stronger return to rick and mortar. we heard some of our clients saying it was stronger than expected for this quarter. there are more options than ever before. retailers have more competition with curbside delivery and pickup options, so there is a lot of that going on and amazon obviously knew there would be
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some soft this in prime day into q2. usually, it is q3 to jumpstart sales. one interesting thing about that as well that i noticed in earnings was that one of the goals of prime day is to grow prime subscribers. that was softer, up 20% versus last quarter up 34%. so competition, return to brick and mortar, things like that. joe: -- taylor: what -- emily: what does andy jaffe have to prove? he is taking over from a legendary run. what do your colleagues say about what they would like to see? melissa: the interesting thing about andy jaffe, well known at amazon is an excellent executor. also a native of aws driving so much profit. you can see from this quarter, profit was great, topline sales were softer. we are going to continue to see
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focus on profit. taylor: the other question is jeff bezos at his rule as executive chairman. we were in texas last week launching -- watching the lodge, a surreal moment, but people aren't happy he is spending his money and time doing this at all. melissa: one of the great things about jeff bezos is that he is the innovator and creative person. and that is kind of a concern with andy jaffe and dave clark, they are known as executors, dave clark, consumer retail ceo, more of the supply chain logistics side. i think jeff bezos will be involved on the innovation side, hopefully not having to deal with everyday issues and he is going to have to deal with. emily: what are your expectations for the next five months as we move into the
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holiday season, typically a big holiday season for amazon, under a new leader, jeff bezos as executive chair, what are you watching? melissa: one thing we are all watching is the looming capacity crunch. they say they are going to be short, overcapacity five lien packages a day. it is great dave clark is there to focus on supply-chain and logistics. we are going to see a big crunch with supply chain and capacity. and i think competition has never been greater than before. there is a huge battleground on delivery time and grocery delivery, delivering things within 30 minutes. i noticed delivery time and shipping speeds of amazon seem to be getting greater, so i think that is going to be another focus. emily: some things ar not in stock anymore, and i am
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always asking why. melissa burdick, thanks for stopping by. t-mobile beating wall street estimates for the second quarter also raising forecasts for subscriber growth, indicating the company lead in 5g capacity overrides at&t. later, i will be joined live by t-mobile ceo mike sievert. but next, robinhood ceo vlad tent about his -- glad tenant -- vlad tenet.
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emily: a big yet muted day for vlad tenev.
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-- for robinhood, ipo day ending down 8.5%. what is the retail allocation, and what about the new regulatory examination they revealed this week? sonali: the 8.4% drop is the worst debut for a size of ipo of robinhood or greater. a bigger drop the new bursae and as we know, -- bigger drop then uber saw -- bigger drop than uber saw and as we know, its ipo is considered a flop. there are questions -- emily: there are questions about the pricing, did they price this too high? we spoke today to the nasdaq president who said it is too early to tell whether it is just
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retail investors are also employees that were able to sell. 50% of employees and others were able to sell on the front and -- 15% of employees and others were able to sell on the front end. investors may also be getting fatigue when it comes to these ipo's that we may experience a slowdown in august. that is very different than what i effort from capital market bankers the last few weeks. our colleagues around the world are seeing the same thing. we will see what this means for robinhood in the following days of trading. emily: i think about the air pnp -- airbnb and doordash ipo's during the pandemic and those doubled on opening day. everybody thought the timing was horrible. now this. vlad: you can blank -- sonali: you can blame it on an innovative approach. emily: thanks for your coverage.
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we appreciate it. a long journey for robinhood, high highs and lower lows. i spoke with ceo vlad tenev just before the shares started trading. vlad: it is very humbling that six years after we launched our product to the public, we have 22 million customers and are on this journey with the customers, allowing them to participate in the offering. emily: speaking of your customers, you said you would allocate 25%-30% for robinhood zone users, we are hearing something in the range of 20 percent-20 5%, one of the biggest allocations ever. how did you get to that number and are you concerned about volatility? vlad: well, we are proud to have one of the largest retail allocations ever. the way we think about it is, it is a long-term focus company and we are making decisions and big
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bets with the long-term interest of the business in mind. so volatility comes and goes. we are not going to be commenting too much on daily fluctuations of the stock price. emily: the retail movement, though, is a phenomenon, the meme stock movement. a phenomenon. looking at social media this morning, there are strong feelings out there about what robinhood represents. when you think about game stock and amc, do you get worried about robinhood becoming a target of its own users? vlad: we are not thinking, again, about anything that happens in the market, especially in the short term. the goal is to keep making great products to keep improving the service and keep growing with our customers. and i think we have seen, certainly, finance become more important and the retail investor become much more
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important within investing. and that is something we think will continue. emily: you livestreamed your roadshow to the public. you said more products are coming, maybe iras, when should? ? investors expect those things vlad: -- when should investors expect those things? vlad: we are focused on turning short-term investors into long-term investors where if you are a customer, you can put in in order to buy a stock or etf on a regular basis. we are going to continue investing in that. we have seen really good adoption and would like to see a large portion of our activity be long-term investing in the future. emily: part of the vision is to move beyond trading. what other products, other features, are in the pipeline? vlad: we have certainly our
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cash-management product, which is our customers to-yield savings on unvested cash, as well as a debit card with a large network of free atm's. we are very happy to see that product progress and are investing more in that. on the cryptocurrency side, we have seen cryptocurrency become an asset customers want to get into. and becoming more a part of the culture, especially in 2021. so we are hearing a lot from customers that they want more functionality. and they think we can serve them in better ways, other than just investing their cryptocurrencies. so we are excited about developing that. emily: robinhood disclosed to new regulatory examinations this week, one of them the sec asking about robinhood employees trading in meme stocks like gamestop. and the other, you under
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co-founder aren't registered. why is that an what should investors know about these examinations? vlad: on the registration piece, i am the ceo of robinhood markets, which is a holding company. we have several subsidiaries. robinhood financial is our introducing broker. robinhood securities as a clearing broker. and of course robinhood crypto, which is licensed in multiple states that have a money services business. each entity has leadership that is licensed. so we feel pretty good. as with any investigation or inquiry, we are a business as any large business that is going to be scrutinized. we should expect that. and we should expect all our important institutions to withstand untold up to scrutiny. emily: speaking of that, the sec is reviewing payment for order flow, a huge part of your
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business. more than 80% of first-quarter revenue. how big a risk is that and how do you evolve business model to not be so reliant on it? vlad: the thing you have to look at with transocean-based -- with transaction-based revenue is that it is pretty well diversified within that segment. so it is actually three different things. we have our equities business where we accept payment for order flow, our options business as well as than cryptocurrency, where we accept rebate from market makers. cryptocurrency is becoming a larger piece of the overall transaction-based revenue, so we expect that to continue to diversify, both outside of transactions and within. and in general, we are proud of the business model that we have introduced. we have saved, we have put lots of money back in customer pockets, and that is going to be a big part of what robinhood stands for and what we continue to do with your products that we
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launch. emily: right now, your shares are still indicated to open at $38 apiece. that would give the company a diluted value of $33 billion, a huge number. you told me this year that you want investing to be as ubiquitous as online shopping. you want to democratize investing so that not only wealthy people have access to it. but for skeptics who say robinhood is going to glorify gambling, how do you tell them that is not happening? vlad: let me tell you about our values. our top value is safety first. that is actually indicative of how we are allocating resources as a company. it is not just a poster on the wall. if you look at things we are spending energy and time on, it is making sure our service is reliable, that we are there when customers need us most, that we
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provide timely customers of port -- customer support that is high-quality, and that we provide education to our customers. and we have been putting the bulk of our resources toward these things because we want our customers to be in the best possible position to succeed. emily: speaking of crypto, there is a lot of volatility. you said crypto is vital to company future. how do you apply that and how big a role is crypto in terms of the overall pie? vlad: we would like it to obviously be a larger part of robinhood going forward. but we expect our other businesses to continue growing as well. we are investing money in crypto. we are investing money on the core brokerage side. and making cash management better and better, and helping customers and and save. there is a lot more to be done across the board.
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customers are always asking for more functionality, they want us to deliver more value to them. and it is just a pleasure to keep rolling out products, and keep delivering value to customers. emily: my conversation with vlad tenev, robinhood ceo, hopefully we will continued the conversation in the future. a ceo in court. what he said why prosecutors say his claims don't stack up. details coming next. i want to look at disney shares, the company being sued by actress scarlett johansson who stars in the latest marvel installment, "black widow," accusing the company of breaching her contract on disney plus at the same time as its theatrical debut, which means her planned payout was cut. this is bloomberg. ♪
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♪ emily: shares in nicola plunging 15% thursday, the founder trevor milton appearing in the new york court after been charged by prosecutors with misleading investors. the indictment claims milton made false statements about develop of nicola products and technology. here is an outline of one of the claims. >> nicola claimed -- milton claimed the nicola one, shown here, one of the early prototypes in his business, could be driven. when in fact, the closest it ever came to driving was when a group of nicola engineers took it to the top of a hill and rolled it down so it could be filmed for a commercial. emily: joining us, ed ludlow, whose reporting on the company
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was cited in the indictment. ed: they claim trevor milton from september 2019 to september 2020 when he resigned as executive chairman, lied about all aspects of the business. one example is that he said the company was producing hydrogen at a significantly lower cost than others. in fact, according to this indictment, and the parallel sec complaint, they weren't reducing any hydrogen at any cost. they couldn't do what he said they could do. emily: or even move forward. that is what the prosecutor said. ed: that was a reference to reporting we did last year. in june of 2016, nicola made an announcement and trevor stood on stage with the truck behind him that he said was fully functioning anti-said he even had to chain it down to stop people driving offstage.
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according to sources, there was nothing in the truck to make it work. the indictment said that bloomberg report is completely accurate, that we got it spot on. but what is more shocking is that trevor texted executives, he tweeted dismissing the bloomberg report and then texted of board members saying his tweet had supported the share price. which is the other part of this, his actions were about supporting the stock. emily: excellent reporting by you about this company over the past year. what is next? ed: he is on 100 million dollars bail that is tied to homes he owns in utah. he pleaded not guilty, not a huge surprise to those who follow trevor milton and the company. it will take some time to go to trial. you should a statement saying that he is innocent, he expects to be exonerated, that all american executives should see this and be shocked. but he will face trial on the charges.
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this isn't just prosecutors, there is a parallel sec complaint on criminal insecurities charges. emily: how is nicola actually doing now, and how are they responding? ed: the company has scaled back its ambitions after trevor milton resigned last september. it is making slow progress toward them. i am hearing from sources that they might get to a battery electric truck. they are the prototype phase. they are building a factory in arizona but as yet, not ready to generate anything. they have some big partners, but they are still quite far away. emily: ed ludlow, we appreciate your reporting. keep us posted. a disappointing debut for robinhood's ipo with ceo vlad tenev calling the experience humbling. >> it is really humbling that
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six years after we launched our products to the public, we have over 22 million customers and are on this journey with our customers, and allowing them to participate in the offering. ♪
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emily: welcome back to "bloomberg technology." i want to get back to the days market moves, including one of this year's biggest ipo's, robinhood hitting the nasdaq. pretty good back with us. -- kriti gupta back with us. kriti: let's look at the intraday charge. when you see this downward trajectory, the ipo price was $38. you saw this become a flop by all definition. this came down 4.8%.
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is this that one day trading debut? can it turn itself around? uber being a famous one. i want to show you the other ipo flops of this year. this might not be a robinhood specific phenomenon, this might be the massive ipo boom we saw earlier in the year starting to fade. some of these recent ipos have all been underperforming. a company in the u.k. down here to date. -- year to date. didi down 30%. on the one hand, this might be an early first a price action, but if it falls in line with other ipo's, this may be the start of a longer-term trend. emily: i want to talk more about robinhood. despite shares falling after going public, the offering delivered outstanding returns for early investors in the trading app.
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they include index ventures, rivet capital, their stakes combined now with $7.4 billion post ipo. a partner joining us from the nasdaq. given that you have been an observer on the board for this journey, talk to us about how far they have come. it has been a long road with ups and downs. >> like any company, from the early creation to this monumental milestone, there will be a lot of ups and downs. especially in the industry we are in, there will be even more high highs and the lows can be pretty tough. overall, it is an incredible team with an important omission. it -- important mission. it has been a wild ride, but incredibly rewarding.
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emily: i know it is still a $30 billion company, but shares priced at the low end of the range and sell below that ipo price, is there any level of disappointment here that it was a more muted debut? vanessa: no, i think a $30 billion valuation is a great start for the company. i am very excited about the prospects of everything we have coming down the pipe in the next few years. it's one day. it's just a moment in time. i think the future is exciting and i continue to be excited about the company. you talked a lot with the team and the founders. i think they are exceptional. we are all soaking in this moment. it's been quite a day. emily: we heard a lot of opinions today about the timing. some say they should have waited
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for some of this regulatory scrutiny to pass. do you think timing had something to do with where we ended up today? do you think it had something to do with the retail allocation, which was bigger than any company in recent history, or was it something else? vanessa: i'm not one to speculate on public markets. i'm an early stage investor. regarding timing, for all the companies i work with, timing -- when we looked at the overall picture of where the company is and where we think it is going, we wanted to let in the leto customer earlier rather than later, because we know a lot of value gets generated when they get to be part of a company earlier. there were a lot of different things we weighed, but the
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timing was what we wanted it to be. emily: when you look at the future of the company, vlad talked about new products he want to lunch, ir -- launch, how crypto is a bigger part of transactions, not relying so much on trading, but other products. how do you see the product evolving in the years to come? vanessa: the really great part about working with this company is they are extremely focused on the user. they spend a lot of time talking to their customers, focus groups, surveys, one-on-one conversations. through that, we tease out, what are the things they need, what are the things they are asking for? how do we put a robinhood spin on it? how do we make it different than the things that exist today? how do we innovate in a system that has not been innovated on a whole lot in a few decades? it is evolving.
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we keep launching new products every year. all with the intent of making our customers successful and happy. i think you will see a lot more of that in the coming months. emily: every time we do reporting on robinhood, i get a ton of replies on social media. there are people that still feel burned by what happened in january. there is a lot of anti- robinhood sentiment, even if these people are still using the app. you know vlad for a long time. we saw the video of vlad ringing the bell with his daughter on the nasdaq. give us some perspective on where they are coming from. i think there are some users who feel like they were cheated in some way. perhaps that was not the intention. vanessa: definitely not the intention. i think you can't find founders that are more focused on making
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their customers happy. it was hard to see the criticism go in that direction because they care a lot. i think they did everything in their power to abide by the regulations that we have in place, for a lot of good reasons, and to do right by their customers. it was a once-in-a-lifetime -- it was unprecedented. the way we maneuvered around it was constantly with the customer in mind. it's hard to see the criticism. it's hard to hear people don't feel like we did everything we could for our users, because i can tell you behind the scenes that was the core of focus. emily: as vlad told us, it's not about day one, it's about every day to come. we will watch how the cup and he
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performs and how they develop in the years -- the company performs and develops in the years to come. t-mobile out with its latest results. i speak to the ceo next. this is bloomberg. ♪
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emily: t-mobile reporting earnings after the bell, beating sales estimates for the second quarter and raising its forecast for subscriber growth. for more on the results and competition with verizon and
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at&t, i want to bring in the t-mobile president and ceo. i know you just got off the call. this is a mature market, yet you keep adding subscribers. how is that possible? mike: this was the best quarter in our history when it comes to new postpaid overall billing account relationships. 349,000 accounts. our strategy here is to build the best 5g network and make that famous and have customers find their way to it. we are years ahead of the other guys. there is a transference with this vibrant economy from the prepaid sector. you saw lots of losses from brands contributed to the postpaid market. for us, it is getting our value proposition in front of businesses and consumers and having them switch to t-mobile. emily: you will be giving a keynote at ces.
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we will be watching that. t-mobile has been touting 5g as a differentiator. how big a role is 5g playing in customer choices for you? mike: one of the big questions everybody asks is, okay, 5g is faster, but how will it change my life? we want to talk about that. there is so much incredible development happening across the ecosystem to take advantage of 5g networks. i typed up to 2010, when 4g just came out. the biggest companies in the world like facebook, google etc. pivoted their strategies around 4g. so did small companies and garages that became unicorns. that is happening with 5g. this is a network capability that is eight times faster than 4g. our ability to get after home broadband and welcome millions
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of users without having to deal with their cable companies. that is an amazing use case in and of itself. emily: you talk about how much 5g coverage you have, but how many 5g customers do you actually have who have 5g enabled phones and are using the network? mike: it's growing rapidly. we have a higher number than what we heard verizon disclosed earlier this week. we did not disclose our number other than to say it is going rapidly. -- is growing rapidly. we want customers on 5g as quickly as possible because we have the best 5g. it is contributing to the lowest churn in the industry right now. that means people are not leaving us. they love this network and value proposition. we saw the biggest overall churn improvement from q1 to q2. it is important people get this technology and see what it can
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do. otherwise they are just going on reputation. if you look back at the 4g era, verizon had that crown. our big job is to make sure everybody knows we are the big leader. emily: t-mobile has some of the cheapest plans, but also some of the more expensive plans. can keep up, or does something have to give? mike: at t-mobile, it's just a choice. we have unlimited plans -- on our prepaid plans and just what dollars a month. -- at just $25 a month. we have marquis offers, like the industry's best unlimited plan. if you really look at the fine print on so many on the minute offers out there, it de- prioritizes you after you used a bunch of data. this is magenta max at a higher price, the true unlimited plan, may be the best unlimited plan in the country when you factor in it is on the nation's fastest
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and most available 5g network. emily: there is this trend with free phone promotions. t-mobile is dabbling in that. do you think that has gone too far? mike: when people look at this industry, they see the promotion du jour and ask that same question. i have been getting questions since 2013 about whether or not the industry has gotten too competitive. no, it has always been competitive. the nature of that competition changes over time. right now it is phone deals. all the carriers are focusing on higher end plans associated with their best phone deals. right now we want to give you samsung galaxies and iphones for a great deal. that is what customers are looking for. the nature of competition changes. the extent of it, not really. emily: when you started this journey at t-mobile, the
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reputation was you did not have coverage in farther flung areas, complete coverage across the united states. how would you say that coverage stacks up now? i am asking you as a t-mobile customer, full disclosure. mike: we were a distant fourth. we were famous for taking care of customers and having the best deals. now that we are the best 5g network, we have a ways to go to convince people of that. a few years ago, we were not the best network. now we have this amazing opportunity. we are laser focused on making sure everyone understands, whether through word-of-mouth, through advertising, through getting customers those 5g phones, because as of today we cover 305 million people with 5g. half the population with ultra capacity 5g, the good stuff. 350 megabits per second on
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average today. and it's amazing how far ahead we have gotten versus the other big guys. we are only accelerating the pace. emily: talking about the other big guys, they seem to be having some strategic vision issues. we saw at&t getting into content, getting out of content, verizon's content efforts not really taking off. do you think the phone industry is going to compete on the fundamental, or are we still going to see these experiments, if you will? mike: we saw early on that the future was about 5g. 5g went on mid band spectrum. we sent out to create the new t-mobile with the best mid band spectrum system in the country. that has turned out to be prescient. now the big companies, at&t and verizon, have decided to completely pivot their strategies to emily late what we
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are doing. -- to emulate what we are doing. they are a few years behind. we think we have the wherewithal to stay ahead through the 5g era. at&t now backing out of media assets and focusing on their knitting. they spent on a mid band spectrum auction to try and failed to catch up to us. it is nice to see the industry will focus on the knitting, because that is what we are best at. emily: good old magenta knitting. mike sievert, i will let you get back to you investors. -- your investors. the international space station was on the receiving end of an unplanned shove by a russian spacecraft at the outpost. it happened when the thrusters on the craft unexpectedly turned on and changed the iss's orientation by 45 degrees.
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there was no damage to the station. the mishap coming a day before boeing was scheduled to launch its star liner capsule on a test flight to the orbiting lab. that has been postponed to another date. while many companies debate when to require employees to come to the office, cisco is saying you don't have to come back at all. we talk about the company's new approach to the office space with the cisco executive vice president. and take a look at pinterest. shares still plummeting after hours. the social media company losing 24 million monthly active users in the last quarter. also declining to give a forecast for mau's for the third quarter, setting uncertainty over the evolution of the pandemic. this is bloomberg. ♪
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emily: uber has joined a growing list of tech companies delaying its office return date due to the rise of the delta variant. the ceo telling employees in an email they will now be allowed to enter the office in late october instead of september. staffers who do come in after that date will be required to wear a mask regardless of their vaccination status. we have been covering the return to work trend for months. suffice to say the office as we know it has changed forever. cisco announced they won't be calling employees back permanently. their future model is hybrid with no fixed mandate on the number of days in or out of the office. joining us to talk about it is francine katsoudas, cisco executive five president. -- vice president. do i get this right, nobody has to come back to cisco's offices if they don't want to?
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>> the world of work is to dynamic to have one approach for all employees. what we are doing at cisco is empowering our teams to make decisions about how they work based on the work that they do and the personal preference of the team. over the last few years, we invested in the capability of our team. we believe if we get teams right, we win. we will decentralize that decision and trust our team to figure out what works. we will take it in three-month increments. we have teams decide how they want to start. they will work for a few months, assess, then tweak the model. the innovation and agility we bring to technology we have to bring to the way we work as well. emily: so if somebody said right now, i don't want to come back at all five days a week, that would be ok at this moment? >> what we would say is a team leader facilitates the team in
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talking about how the team should work. depending on the work, some of our teams will have to be in the office, but they will decide for a team, does that mean you come in twice a week, perhaps two days a month? there will be variability around the work. something we know at cisco is before the pandemic, only 63% of our people were coming in four to five days a week. when we survey our employees, only 23% of our people want to work that way. we want to give them choice why we look at business needs. emily: i like the three-month increment. it speaks to the idea that companies need to have a growth mindset and learn as this journey continues. what about vaccines? we saw google and facebook mandating vaccines. will you mandate vaccines for those coming back to the office? francine: in june, we opened up
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offices to employees that are fully vaccinated. our plan was to look at july and august as transition months. we were going to slowly bring employees back in that were fully vaccinated. the other thing we were going to do is focus on leadership capabilities. we think our leaders play a big role in navigating how teams work. we are doing great leadership training, but we will also focus on well-being. we announced a partnership earlier in the month where we plan to focus on those two items in august in preparation for a september go live. we think that will now be pushed back by about a month. emily: cisco webex has been critical in keeping so many employees and employers connected. what does this mean for your physical office footprint? cisco is a giant company with offices around the world.
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does that mean you are scaling back on real estate too? francine: the webex changes have been phenomenal, because webex has leaned into an an inclusive product. driving this ability, whether you are working from home or in the office, to havve a different -- have a different and improved experience is something we are proud of. when we come into the office, it will be for team events. it will be to build connection, to meet with customers. we will not come in the office to work on webex and do emails . we will be thoughtful. the space we have in the office, which was individually allocated, is now going to be focused on creating spaces that allow us to collaborate. emily: francine katsoudas, thanks for laying it out clearly, the cisco executive vice president. that does it for this edition of
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"bloomberg technology." tune in friday. that is tomorrow on "bloomberg tech." ♪
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>> welcome to daybreak australia. we are counting down to asia's major market open. shery: the top stories this hour. u.s. stocks climbed toward a record as gdp and job numbers ease concerns about inflation. haidi: amazon sales fall short of expectations as the pandemic


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