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

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

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Recent Editions

Pinterest CEO Ben Silbermann. Photo by Bloomberg

Pinterest’s IPO Filing Shows Steady Revenue Growth

By Tom Dotan, Martin Peers and Priya Anand · Mar 22, 2019 3:15pm PDT

Pinterest’s revenue has grown by about 60% in each of the past two years, hitting nearly $756 million in 2018, while its net loss has been steadily shrinking, the online scrapbook firm revealed in IPO paperwork it filed on Friday.The revenue growth rate, from its four-year-old advertising business, suggests Pinterest isn’t likely to... Pinterest’s revenue has grown by about 60% in each of the past two years, hitting nearly...

A Waymo self-driving test vehicle in the Phoenix area. Photo: Waymo.

With Waymo Robotaxis, Customer Satisfaction Is Far From Guaranteed

By Amir Efrati · Mar 22, 2019 6:31am PDT

“Car tried to turn left into oncoming traffic, driver had to avoid collision,” wrote a customer of Waymo, the unit of Alphabet, in early March after taking a ride in one of the company’s experimental self-driving taxis in suburban Phoenix. The customer was referring to the human backup driver who sits behind the wheel and is... “Car tried to turn left into oncoming traffic, driver had to avoid collision,” wrote...

Apple's software and services chief Eddy Cue, whose team will oversee the video service. Photo by Bloomberg

Apple May Offer Cut-Priced Bundles With Video Offering

By Jessica Toonkel and Tom Dotan · Mar 21, 2019 9:22am PDT · 3 comments

When Apple finally unveils its TV service on Monday, it is expected to feature a slate of original shows and the ability to subscribe separately to some other streaming channels, all run through a central video app. But what may differentiate Apple’s service is that it could offer people bundles of on-demand streaming services for one... When Apple finally unveils its TV service on Monday, it is expected to feature a slate of...

Surprise Fans of TV Advertising? Smaller Tech Firms

By Nick Wingfield · Mar 21, 2019 6:32am PDT · 3 comments

Surprise Fans of TV Advertising? Smaller Tech Firms

By Nick Wingfield · Mar 21, 2019 6:32am PDT · 3 comments

As television advertising loses ground to digital ads, technology companies should be in the vanguard of businesses bailing from the medium. For many, the opposite is true, and it isn’t just Apple, Microsoft and other giants that are pouring more money into commercials. An array of smaller technology companies—from the online travel... As television advertising loses ground to digital ads, technology companies should be in the...

Mike Sullivan

Crypto Newsletter

Surging, or Stalling?

By Jon Victor · Mar 20, 2019 1:02pm PDT · 1 comment

You could be forgiven if, after this week, you are confused about where interest in crypto stands among the large institutions that many hoped would embrace it. This week alone, Citibank said it had scrapped plans for developing its own cryptocurrency, CBOE stopped issuing new bitcoin futures, and Bakkt, the NYSE’s crypto venture, drew... You could be forgiven if, after this week, you are confused about where interest in crypto stands...

VMware CEO Pat Gelsinger, left, and Amazon Web Services CEO Andy Jassy. Photos by Bloomberg

Amazon’s Pact With VMware Shows Signs of Paying Off

By Kevin McLaughlin and Amir Efrati · Mar 20, 2019 6:31am PDT

When VMware and Amazon Web Services, the internet retailer’s cloud unit, formed a partnership in 2016, some in the tech industry were skeptical that the agreement between the two rivals would amount to much. Now it looks like the result of that pact—a joint service that lets VMware’s corporate customers move computing... When VMware and Amazon Web Services, the internet retailer’s cloud unit, formed a...

Roku CEO Anthony Wood. Photo by AP

Why Roku Acquisition Could Make Sense for Disney or Walmart

By Tom Dotan · Mar 19, 2019 12:41pm PDT · 3 comments

A few years ago, when Roku was still a private company with uncertain prospects, it would occasionally get acquisition offers from bigger companies. CEO Anthony Wood was never interested. Even when the streaming device maker was worth around $1 billion, he argued that one day he expected it to be worth 10 times that much, according to a person... A few years ago, when Roku was still a private company with uncertain prospects, it would...

A Blade helicopter over New York Harbor. Image: Blade

‘Flying Over Traffic’: Short-Hop Services Multiply

By Cory Weinberg · Mar 19, 2019 6:31am PDT · 2 comments

A Blade helicopter over New York Harbor. Image: Blade

‘Flying Over Traffic’: Short-Hop Services Multiply

By Cory Weinberg · Mar 19, 2019 6:31am PDT · 2 comments

Tired of bad traffic and have money to spare? A growing cadre of venture capital–backed startups are launching services to ferry people on short-distance trips by small planes and helicopters. Companies including Blade, Skyryse and BlackBird believe there is a growing market for short hops by air in places like the Bay Area, Los Angeles... Tired of bad traffic and have money to spare? A growing cadre of venture capital–backed...

Actress Jamie Clayton from "Sense8" at a screening for the show in Los Angeles last June. Photo by AP

As Netflix Cancels Shows Faster, Fan Favorites Quickly Disappear

By Beejoli Shah · Mar 18, 2019 2:29pm PDT · 6 comments

After Netflix cancelled the Naomi Watts drama “Gypsy” in 2017, a group of fans calling themselves “Easy Tigers” organized a social media campaign to get people to start watching the show in hopes of changing Netflix executives’ minds. The campaign was so organized that it directed people to watch specific episodes... After Netflix cancelled the Naomi Watts drama “Gypsy” in 2017, a group of fans...

An employee makes a bed at an Oyo-branded property in Bangalore, India. Photo: Bloomberg

Airbnb Mulls Big Investment in Indian Hotel Startup

By Cory Weinberg · Mar 18, 2019 1:26pm PDT

Airbnb is contemplating another big step into the hotel business, this time in India and China. The travel giant is in discussions to invest in Indian hotel management startup Oyo, two people familiar with the matter said. If completed, the investment would likely be in the $100 million to $200 million range, one of the people said. It comes... Airbnb is contemplating another big step into the hotel business, this time in India and China. ...

Art by Sam Lessin

Modest Proposals

The Cost and Risk of Regulations That Make Information ‘Own-able’

By Sam Lessin · Mar 18, 2019 6:32am PDT · 8 comments

The internet is forcing us to engage with a far broader definition of the economy than in the past. Instead of thinking of the economy primarily in terms of physical goods and services, the internet is putting front and center a fuller picture of the economy—including other forms of value and trade, such as information and social, moral... The internet is forcing us to engage with a far broader definition of the economy than in the...

Bargain Shopping App Wish in Talks to Raise $300 Million

By Yunan Zhang and Juro Osawa · Mar 18, 2019 12:08am PDT

Bargain Shopping App Wish in Talks to Raise $300 Million

By Yunan Zhang and Juro Osawa · Mar 18, 2019 12:08am PDT

Ecommerce startup Wish is in talks with private equity firm General Atlantic and other investors to raise about $300 million in a new funding round, people familiar with matter said.The fundraising, which hasn’t yet closed, values the San Francisco-based company at about $11 billion pre-money, higher than its previous valuation of $8.5... Ecommerce startup Wish is in talks with private equity firm General Atlantic and other investors...

House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer unveil the Save the Internet Act earlier in March. Photo by AP.

Behind Washington’s Net Neutrality Debate: Deep Pockets

By Christopher Stern · Mar 16, 2019 7:46am PDT · 3 comments

Sometime in the next two weeks, a billboard is set to pop up at a busy intersection in downtown Phoenix accusing Arizona Senator Kyrsten Sinema of “corruption.” Her supposed crime: she doesn’t support the “Save The Internet Act,” a bill that would codify into law the Net Neutrality rules revoked by the Trump... Sometime in the next two weeks, a billboard is set to pop up at a busy intersection in downtown...

The Information’s 411 — Tales From the Encrypt

By Priya Anand · Mar 15, 2019 5:03pm PDT

Sarah talks about Google's ad business and executive departures at Facebook as it pivots to focus on private encrypted messaging. Cory describes the growing pains faced by scooter companies. Sarah talks about Google's ad business and executive departures at Facebook as it pivots to...

A visitor to a Facebook stand at an exhibition in Shanghai last November. Photo by AP

Facebook’s Top Representative in China Leaves Firm

By Wayne Ma and Sarah Kuranda · Mar 15, 2019 4:09pm PDT

Facebook’s chief representative in China left the company earlier this year, according to people familiar with the matter, after a series of corporate missteps that led to a deterioration of relations between Facebook and the Chinese government.The previously unreported departure of Ivy Zhang leaves Facebook with one government affairs... Facebook’s chief representative in China left the company earlier this year, according to...

Chris Cox. Photo by Bloomberg.

Why Is Facebook’s Encrypted Messaging Plan Roiling the Company?

By Sarah Kuranda and Nick Wingfield · Mar 15, 2019 10:20am PDT · 3 comments

Chris Cox. Photo by Bloomberg.

Why Is Facebook’s Encrypted Messaging Plan Roiling the Company?

By Sarah Kuranda and Nick Wingfield · Mar 15, 2019 10:20am PDT · 3 comments

One thing was clear in Chris Cox’s note to Facebook employees announcing his resignation on Thursday: The company’s chief product officer was not enthused about its new focus on building an encrypted, interoperable messaging network. “This will be a big project and we will need leaders who are excited to see the new direction... One thing was clear in Chris Cox’s note to Facebook employees announcing his resignation on...

Art by Mike Sullivan

After Time Warner and Fox Sales, Entertainment Veterans Flood Job Market

By The Information Staff · Mar 15, 2019 6:31am PDT · 1 comment

Two mega-entertainment deals, Disney’s $71 billion purchase of 21st Century Fox’s entertainment businesses and AT&T’S purchase of Time Warner, are putting a lot of veteran media executives on the job market. Just last week, AT&T announced the integration of the former Time Warner’s three main businesses, prompting... Two mega-entertainment deals, Disney’s $71 billion purchase of 21st Century Fox’s...

Bird scooters parked in Detroit. Photo: Bloomberg

Bird Lays Off Dozens of Employees

By Cory Weinberg · Mar 14, 2019 1:59pm PDT

Bird, the pioneer of the electric scooter sector, laid off 4% to 5% of its full-time staff on Thursday, in an effort to contain costs. About 40 employees of the roughly 900-person company were let go.The layoffs represent a comedown for a startup that flew to a $2 billion valuation last year within nine months of launching. The company helped... Bird, the pioneer of the electric scooter sector, laid off 4% to 5% of its full-time staff on...

Media Job Cuts Rise as Sector Retrenchment Persists

By The Information Staff · Mar 14, 2019 12:19pm PDT

Media job cuts rose in February, driven by reductions at news publishers and video game maker Activision Blizzard, as retrenchment in the sector persisted for a second month in 2019 and extended last year’s run of industry cutbacks.In total, 1,530 media job cuts were announced last month, up from 1,279 in January, according to data from... Media job cuts rose in February, driven by reductions at news publishers and video game maker...

Think Being an Apple Supplier Is a Boon? Not so Fast.

By Wayne Ma · Mar 14, 2019 6:31am PDT

Think Being an Apple Supplier Is a Boon? Not so Fast.

By Wayne Ma · Mar 14, 2019 6:31am PDT

As Apple goes, so go its suppliers—but worse. Share prices for top companies that make parts for Apple products declined far more than Apple’s own stock did last year, dropping by an average of 23% from the year before when compared with only 5% for Apple shares, according to an analysis by The Information. The same analysis shows... As Apple goes, so go its suppliers—but worse. Share prices for top companies that make...