The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

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Recent Editions

Zumper CEO Anthemos Georgiades.

Startups Withdraw Applications for Government Loans, Fearing Backlash

By Kate Clark · May 4, 2020 1:07pm PDT · 2 comments

One week after submitting paperwork for a $2 million government loan from the Small Business administration’s Paycheck Protection Program, Zumper CEO Anthemos Georgiades asked his bank to withdraw the application. He worried taking the money was ethically dubious and legally risky.“CEOs are having trouble sleeping thinking their... One week after submitting paperwork for a $2 million government loan from the Small Business...

Sundar Pichai, CEO of Alphabet and Google, left, and Eric Yuan, CEO of Zoom. Photos by Bloomberg

Google Engineers Flirted With a Zoom Acquisition—Before a Push to Beat It

By Kevin McLaughlin · May 4, 2020 7:01am PDT · 1 comment

Not long ago, Google and Zoom Video Communications had cordial relations. In 2018, several thousand Google employees were using Zoom as an alternative to Google’s own videoconferencing product, said a person with direct knowledge of the situation. The popularity of Zoom within Google even prompted some Google Cloud engineers to discuss... Not long ago, Google and Zoom Video Communications had cordial relations. In 2018, several...

To Return or Not to Return? That Is the Question

By Jessica E. Lessin · May 2, 2020 7:46am PDT · 3 comments

This week, it was finally time to confront the question I have been avoiding for weeks: how and when our team at The Information should go back to our offices. I think that day is still likely far away in San Francisco and New York. (Our Hong Kong team just moved into their new digs!) But in the interest of being prepared, I felt that I had... This week, it was finally time to confront the question I have been avoiding for weeks: how and...

Tesla CEO Elon Musk. Photo by Bloomberg

Elon the Stock Picker: The Information’s Tech Briefing

By Martin Peers · May 1, 2020 5:18pm PDT

Tesla CEO Elon Musk. Photo by Bloomberg

Elon the Stock Picker: The Information’s Tech Briefing

By Martin Peers · May 1, 2020 5:18pm PDT

Hello,Today, this study from a pre-eminent educational research group came across my screen, and it is too devastating not to share. Too many parents are skipping meals to feed their kids, or even pulling back on feeding them. As we follow all aspects of the crisis, I know many of you continue to think about the human toll. I hope you will... Hello,Today, this study from a pre-eminent educational research group came across my screen, and...

The Information’s 411 — Earnings and Learnings

By Tom Dotan · May 1, 2020 4:18pm PDT · 1 comment

Alex walks us through the first quarter earnings for Snap, Twitter and Facebook to see how they fared at the onset of the pandemic. We break down why Snap ended up posting a surprisingly strong quarter, powered by its growing direct response ad business. Alex walks us through the first quarter earnings for Snap, Twitter and Facebook to see how they...

Art by Mike Sullivan

Discovering Your Spouse’s Annoying Work Personality

By Kevin McLaughlin · May 1, 2020 7:02am PDT · 1 comment

The age-old question “How was your day?” seems laughably unnecessary at a time when many people are spending their days in close proximity at home, well aware of how their partner’s day has been going. For the millions of people who have been able to bring their office jobs home during the coronavirus lockdown, the switch is... The age-old question “How was your day?” seems laughably unnecessary at a time when...

Amazon CEO Jeff Bezos. Photo by Bloomberg

The Perils of Prospering From the Pandemic: The Information’s Tech Briefing

By Martin Peers · Apr 30, 2020 6:55pm PDT

Greetings!Businesses that are able to sidestep a recession are usually happy to shout that from the rooftops. But, as Amazon’s statement on Thursday reminded us, no company wants to be seen to be profiting from the pandemic.Not only did the company declare it would spend its entire $4 billion operating profit this quarter on Covid-related... Greetings!Businesses that are able to sidestep a recession are usually happy to shout that from...

Art by Sam Lessin

The Long-Term Implications of Extended Work From Home

By Sam Lessin · Apr 30, 2020 10:01am PDT · 21 comments

Art by Sam Lessin

Modest Proposals

The Long-Term Implications of Extended Work From Home

By Sam Lessin · Apr 30, 2020 10:01am PDT · 21 comments

A shift to remote work at companies was underway even before the Covid-19 outbreak. New startups were being born that were fully “remote from the start.” Larger companies were experimenting with remote work to access talent outside major hubs.But while the shift had started, few firms had fully embraced the change. Moving to a... A shift to remote work at companies was underway even before the Covid-19 outbreak. New startups...

Apple Watch announcement in September 2019. Photo by Bloomberg.

The ‘Old Dogs’ Who Build Apple Products

By Wayne Ma · Apr 30, 2020 7:01am PDT · 5 comments

Apple can’t get enough of Mike Janicek. The firm needed him so much that he worked at the tech giant three times over four decades. First, in 1984, he worked as a contractor at an Apple keyboard and mouse factory. The second time, between 2002 and 2009, he supervised the manufacturing of connectors and cases. He rejoined a third time in... Apple can’t get enough of Mike Janicek. The firm needed him so much that he worked at the...

Outside the New York Stock Exchange. Photo by Bloomberg

The Wall Street-Main Street Disconnect: The Information’s Tech Briefing

By Martin Peers · Apr 29, 2020 5:40pm PDT · 1 comment

Greetings!It’s tough to remember a time when the disconnect between Wall Street and Main Street was so apparent. Quarantine orders are still in place in much of the U.S. Layoffs are continuing by the thousands—including 1,000 today at Lyft. People are still dying from the virus. And yet many stocks have recovered much of the ground... Greetings!It’s tough to remember a time when the disconnect between Wall Street and Main...

Facebook policy chief Joel Kaplan and CEO Mark Zuckerberg in 2018. Photo: Bloomberg

Facebook Clashes With Capitol Hill Staffers Over Market Size

By Christopher Stern · Apr 29, 2020 12:06pm PDT · 4 comments

Facebook’s lobbyists have been working Capitol Hill with a new message: Our competition, they say, isn’t just Twitter, Snapchat and TikTok. It’s newspapers, television, videogames and even online message boards.That’s what Facebook lobbyists and lawyers have argued in multiple closed-door briefings with staffers in both... Facebook’s lobbyists have been working Capitol Hill with a new message: Our competition,...

Sean Lane, CEO of Olive. Photo by Olive

Temperature Checks and Plexiglas Partitions: Tech’s Plan to Reopen Offices

By Kate Clark, Cory Weinberg and Zoë Bernard · Apr 29, 2020 7:01am PDT

Sean Lane, CEO of Olive. Photo by Olive

Temperature Checks and Plexiglas Partitions: Tech’s Plan to Reopen Offices

By Kate Clark, Cory Weinberg and Zoë Bernard · Apr 29, 2020 7:01am PDT

Body temperature checks at the front door. Plastic partitions to create more separation in open offices. And company-branded personal protective equipment for employees. These are among the measures startups and other tech companies are considering as they begin actively planning for a return to their offices in the coming months. Most... Body temperature checks at the front door. Plastic partitions to create more separation in open...

Instacart's Apoorva Mehta and Uber's Dara Khosrowshahi. Photos by Bloomberg

Tale of Two Gig Economy Stars: The Information’s Tech Briefing

By Martin Peers · Apr 28, 2020 6:30pm PDT

Greetings!You could call it a tale of two stars of the gig economy, Instacart and Uber. Earlier this week, Amir revealed that Instacart’s sales in April were up 450% compared with December and that the grocery delivery firm would turn its first profit this month, thanks to the pandemic.Today, Amir scored another scoop: that Uber is... Greetings!You could call it a tale of two stars of the gig economy, Instacart and Uber. Earlier...

Uber CTO Thuan Pham. Photo by Bloomberg

Uber Discusses Plan to Lay Off About 20% of Employees

By Amir Efrati · Apr 28, 2020 12:48pm PDT · 5 comments

Executives at Uber are discussing plans to cut around 20% of the company’s employees, as it copes with a sharp decline in its ride-hailing business due to the coronavirus pandemic, The Information has learned.Layoffs of that magnitude, which haven’t been finalized but could be announced in stages in the coming weeks, could result in... Executives at Uber are discussing plans to cut around 20% of the company’s employees, as it...

Turing engineers and staff. Images courtesy of Turing.

Startups to Watch

Six Startups Prospering During Coronavirus

By The Information Staff · Apr 28, 2020 7:00am PDT · 1 comment

The coronavirus lockdowns have been devastating for many businesses, but a small fraction of Silicon Valley startups that help businesses function remotely or consumers cope indoors are seeing a jump in demand. The sudden surge left some startups scrambling to keep up, just as it did with Amazon, Instacart and other big consumer companies. ... The coronavirus lockdowns have been devastating for many businesses, but a small fraction of...

Snap CEO Evan Spiegel. Photo by Bloomberg

Secret to Snap’s Recent Success: Discover and Direct-Response Ads

By Tom Dotan · Apr 27, 2020 4:43pm PDT

Snap CEO Evan Spiegel. Photo by Bloomberg

Secret to Snap’s Recent Success: Discover and Direct-Response Ads

By Tom Dotan · Apr 27, 2020 4:43pm PDT

In late March, a week or so after Snap stock had plunged to as low as $8—half where it was trading a month earlier—CEO Evan Spiegel reassured employees. His message was that the company was well positioned to weather the downturn. At the time some ad executives were skeptical, asking why Snap would be better off than other companies.... In late March, a week or so after Snap stock had plunged to as low as $8—half where it was...

Nick Giovanni. Photo courtesy of Goldman Sachs

The Big Interview

Goldman’s Top Tech Banker: Here Come the Debt Deals

By Cory Weinberg · Apr 27, 2020 11:21am PDT · 1 comment

Six weeks ago, Goldman Sachs’ tech bankers were preparing Airbnb for its stock-market debut. Investors in the travel firm would be able to sell their shares on an open market, providing a clear window into what Airbnb was worth. Instead, as coronavirus halted travel around the world, Airbnb’s revenue began evaporating. The company... Six weeks ago, Goldman Sachs’ tech bankers were preparing Airbnb for its stock-market...

Yelitza Esteva, a contractor for Instacart, bagging groceries for an order in Florida this month. Photo by AP

Instacart Swings to First Profit as Pandemic Fuels Surge in Grocery Delivery

By Amir Efrati · Apr 27, 2020 7:01am PDT · 4 comments

Instacart’s financial picture has been completely redrawn by the pandemic.In recent weeks, the online grocery delivery service has turned profitable for the first time ever, thanks to skyrocketing sales. Instacart sold about $700 million worth of groceries per week in the first two weeks of April, up 450% on sales in December, according to... Instacart’s financial picture has been completely redrawn by the pandemic.In recent weeks,...

Why the Glass Might Be Half Full for Local News

By Jessica E. Lessin · Apr 25, 2020 7:47am PDT · 3 comments

Earlier this week, I got a push notification from the San Francisco Chronicle with a map of Covid-19 infections by ZIP code. It was exactly the kind of local news I felt I needed to read—immediately. I looked away from the Zoom meeting I was on, tapped and instantly shared the link with friends. Covid-19 has devastated local... Earlier this week, I got a push notification from the San Francisco Chronicle with a map of...

The Information’s 411 — Let’s Not Go Out To The Movies

By Tom Dotan · Apr 24, 2020 1:59pm PDT

The Information’s 411 — Let’s Not Go Out To The Movies

By Tom Dotan · Apr 24, 2020 1:59pm PDT

Tom and Jessica Toonkel talk about the chaotic world of the movie industry as theaters remain shuttered. We discuss what it will take to get people to again feel comfortable going to theaters and whether the movie industry will finally change from its hard set ways of not making new releases available to rent at home. Tom and Jessica Toonkel talk about the chaotic world of the movie industry as theaters remain...