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

What to Expect From Next Week’s Tech Earnings Onslaught

What to Expect From Next Week’s Tech Earnings Onslaught

By Martin Peers · Apr 22, 2022 5:00pm PDT

Farewell, FAANG. With its stock price collapse this week, Netflix became the second member of the iconic group of high-flying big tech stocks—Facebook, Apple, Amazon, Netflix and Google—to get kicked to the curb this year. The other, of course, was Facebook parent Meta Platforms, whose stock was pummeled after its bleak fourth-quarter earnings... Farewell, FAANG. With its stock price collapse this week, Netflix became the second member of the...

Evan Spiegel. Photo by Bloomberg.

Snap’s Downbeat Q2 Outlook; Elon Musk’s Twitter “Financing”

By Martin Peers · Apr 21, 2022 5:00pm PDT

Well, next week is shaping up to be grim, at least when it comes to big tech earnings reports. Snap kicked off the digital ad sector’s first-quarter report today with what looked like a solid result of 38% higher revenue than a year earlier. But Snap executives rained on their own party with a relatively gloomy projection of just 20% to 25%... Well, next week is shaping up to be grim, at least when it comes to big tech earnings reports....

A Netflix office in Los Angeles. Photo by Bloomberg.

Netflix Is Now Just Another TV Firm in Wall Street’s Eyes

By Martin Peers · Apr 20, 2022 5:03pm PDT · 1 comment

What goes around, comes around. Netflix’s stunning 35% collapse on the stock market today should be a lesson to investors in all high-flying companies (I’m thinking of you, Tesla shareholders). The same investors who rush in helter-skelter while a business is expanding, happily paying any price, rush right back out again as soon as growth comes... What goes around, comes around. Netflix’s stunning 35% collapse on the stock market today should...

Reed Hastings. Photo by Bloomberg.

Netflix’s Reed Hastings Bows to Advertising Reality

By Martin Peers · Apr 19, 2022 5:00pm PDT · 1 comment

Reed Hastings. Photo by Bloomberg.

Netflix’s Reed Hastings Bows to Advertising Reality

By Martin Peers · Apr 19, 2022 5:00pm PDT · 1 comment

Hell has frozen over. Netflix co-CEO Reed Hastings’ revelation tonight that he is willing to introduce a lower-priced tier of service supported by commercials is a ground-shaking strategic shift for the video-streaming pioneer. In the past he had resolutely opposed adding advertising, even as most Netflix rivals had done so. But Hastings is... Hell has frozen over. Netflix co-CEO Reed Hastings’ revelation tonight that he is willing to...

Didi offices in Hangzhou, China. Photo by Bloomberg.

Why Didi Global’s Delisting Shouldn’t Be Forgotten

By Martin Peers · Apr 18, 2022 5:00pm PDT

A lot of tech companies went public in 2021, and many if not most of them are trading below their IPO prices. That’s OK—markets rise and fall, and with any luck, the shares will recover eventually. But if you’re a shareholder in one such company, Chinese ride-hailing firm Didi Global, you may be out of luck. Didi revealed today that it plans to... A lot of tech companies went public in 2021, and many if not most of them are trading below their...

Twitter chair Bret Taylor. Photo by Bloomberg.

Twitter’s Poison Pill Is a Joke

By Martin Peers · Apr 15, 2022 3:30pm PDT

Who knew Twitter’s board was made up of a bunch of standup comedians? That’s the only conclusion that can be drawn from the company’s statement today announcing the poison pill it adopted to fend off Elon Musk. Hilariously, Twitter suggests that the oxymoronically named “shareholder rights plan” is “intended to enable all shareholders to realize... Who knew Twitter’s board was made up of a bunch of standup comedians? That’s the only conclusion...

Elon Musk. Photo by Bloomberg

Musk's Offer Puts Twitter In Play

By Martin Peers · Apr 14, 2022 5:00pm PDT

Poor old Elon. He finally makes clear his intentions for Twitter with a $43 billion takeover offer and no one seems to believe it! Just check out Twitter’s stock price: It fell today to close $45.08, 17% below the offer price. Even Musk seems doubtful, telling a TED conference he wasn’t sure he could seal the deal. And Twitter itself is showing... Poor old Elon. He finally makes clear his intentions for Twitter with a $43 billion takeover...

Barry McCarthy. Photo by Bloomberg.

The Flaw in Peloton’s Activist Investor Complaints

By Martin Peers · Apr 13, 2022 5:00pm PDT

Barry McCarthy. Photo by Bloomberg.

The Flaw in Peloton’s Activist Investor Complaints

By Martin Peers · Apr 13, 2022 5:00pm PDT

There’s no pleasing some people. Nearly three months ago, activist investor Blackwells Capital called on Peloton to fire its CEO, who was then John Foley, and consider selling itself. Two weeks later, hey presto! Foley was pushed aside to become “executive chair”—probably not the promotion it might seem—while former Netflix Chief Financial... There’s no pleasing some people. Nearly three months ago, activist investor Blackwells Capital...

An employee at an Amazon warehouse in New Jersey. Photo by Bloomberg.

A Solution for Amazon’s Warehouse Hiring Challenge

By Martin Peers · Apr 12, 2022 5:00pm PDT

Question for Andy Jassy: As you search for solutions to Amazon’s persistent warehouse staffing needs, have you considered making the facilities better places to work? Sure, you will respond that the warehouses are already fine places of employment, what with their $18 hourly wages, health insurance, college reimbursement costs, etc. Last week,... Question for Andy Jassy: As you search for solutions to Amazon’s persistent warehouse staffing...

Elon Musk. Photo by Bloomberg.

What’s Next in Musk’s Next Twitter Drama

By Martin Peers · Apr 11, 2022 5:00pm PDT

So we’re back to square one on Elon Musk and Twitter. Today Musk filed the securities disclosure form that he should have filed last Monday (better late than never) about his 9.1% stake in Twitter. This time, the form had the right number of Twitter shares he holds (glad he sorted that out!). And it outlined, in legal boilerplate, what seemed... So we’re back to square one on Elon Musk and Twitter. Today Musk filed the securities disclosure...

Elon Musk. Photo by Bloomberg.

Twitter Should Make Musk CEO

By Martin Peers · Apr 8, 2022 5:00pm PDT · 1 comment

Question: When will Elon Musk get himself appointed CEO of Twitter? It has been only a few days since he joined the board, after buying 9% of the company, but already Twitter has arranged for him to talk to employees in a question-and-answer session, as The Washington Post reported. That’s an extraordinary move for Twitter to make. It’s hard to... Question: When will Elon Musk get himself appointed CEO of Twitter? It has been only a few days...

Apple CEO Tim Cook. Photo by Bloomberg.

Apple Throws Its Own Apps Under the Bus

By Nick Wingfield · Apr 7, 2022 5:00pm PDT · 1 comment

Apple CEO Tim Cook. Photo by Bloomberg.

Apple Throws Its Own Apps Under the Bus

By Nick Wingfield · Apr 7, 2022 5:00pm PDT · 1 comment

For most of the year, Apple won’t stop reminding people how in-house services like Apple Music, Apple Maps and Apple TV+ are crushing it. On Thursday though, Apple sent a very different message about how its own apps are being crushed by competitors.It published a 48-page report on its website by an economic consultancy, the Analysis Group,... For most of the year, Apple won’t stop reminding people how in-house services like Apple Music,...

WarnerMedia Cleans House Ahead of Discovery Liberation

WarnerMedia Cleans House Ahead of Discovery Liberation

By Martin Peers · Apr 6, 2022 5:00pm PDT

The de-AT&Tification of WarnerMedia is underway. All but two members of the entertainment company’s executive team are departing as it gets swallowed up by Discovery, Warner said today. The two survivors are holdovers from Warner’s pre-AT&T era. Nearly all the others either came from the telecom giant or were installed by it. The shakeup... The de-AT&Tification of WarnerMedia is underway. All but two members of the entertainment...

Twitter's San Francisco headquarters. Photo by Bloomberg.

What Musk Brings to Twitter

By Martin Peers · Apr 5, 2022 5:00pm PDT

Elon Musk’s decision to plunge himself into the corporate morass that is Twitter, in a way that could spark a fight with securities regulators, suggests the Tesla CEO is a little bored and looking for a new distraction. The timing makes sense. After years of nail-biting struggle, Tesla is finally in a good place: It’s making real money.... Elon Musk’s decision to plunge himself into the corporate morass that is Twitter, in a way that...

Elon Musk. Photo by Bloomberg

What is Elon Musk Hiding?

By Martin Peers · Apr 4, 2022 5:00pm PDT

You could call it Elon Musk’s Twitter Mystery. The world’s most talkative CEO has suddenly turned coy. Yes, he revealed today that he had bought a 9.2% stake in Twitter. But he said not a word on Twitter about it. And he made the disclosure in a way that allowed him to hide how he paid for the stake. As it likely cost him at least $2.4 billion,... You could call it Elon Musk’s Twitter Mystery. The world’s most talkative CEO has suddenly turned...

Amazon CEO Andy Jassy. Photo by Bloomberg.

Amazon’s Public Shareholders Show Their Hand

By Martin Peers · Apr 1, 2022 5:00pm PDT

Amazon CEO Andy Jassy. Photo by Bloomberg.

Amazon’s Public Shareholders Show Their Hand

By Martin Peers · Apr 1, 2022 5:00pm PDT

It looks like Amazon’s public shareholders are beginning to assert themselves. Amazon disclosed today that last year it got feedback from some shareholders that it should grant smaller equity awards to top executives, with payouts based on their hitting specific performance goals. That’s interesting for a few reasons. One is that the feedback... It looks like Amazon’s public shareholders are beginning to assert themselves. Amazon disclosed...

Stock data on Nasdaq's MarketSite in February. Photo by Bloomberg.

What the Nasdaq Doesn’t Tell Us

By Martin Peers · Mar 31, 2022 5:00pm PDT

The first quarter ended today with another stock sell-off. That makes this a good time to review the state of tech stocks so far in 2022. Just don’t try to make any judgments based on the Nasdaq Composite Index, which is down 9% for the year to date. The Nasdaq is often used as a proxy for the tech sector simply because it includes the biggest... The first quarter ended today with another stock sell-off. That makes this a good time to review...

Apple's headquarters in Silicon Valley. Photo by Bloomberg.

Apple Shouldn’t Reinvent the Wheel in Financial Services

By Martin Peers · Mar 30, 2022 5:00pm PDT

Sometimes it seems that the top executives of big tech companies are deliberately taunting antitrust regulators around the world. Bloomberg’s scoop today that Apple is “developing its own payment processing technology” is sure to intensify questions at the European Commission and the U.S. Justice Department about whether the iPhone maker is... Sometimes it seems that the top executives of big tech companies are deliberately taunting...

Microstrategy chairman Michael Saylor, on the left, at a bitcoin conference last year. Photo by Bloomberg.

Microstrategy’s All-or-Nothing Bitcoin Bet

By Martin Peers · Mar 29, 2022 5:00pm PDT

Question: What is today’s best definition of a gambler? Answer: someone who buys shares in Microstrategy. That's the analytics software firm which in the past two years has decided to put almost every cent it can find into bitcoin. As of Feb. 14, its total BTC investment amounted to $3.77 billion, about 20 times the cash Microstrategy’s software... Question: What is today’s best definition of a gambler? Answer: someone who buys shares in...

Apple CEO Tim Cook at Sunday's Academy Awards. Photo by AP

Apple is Playing a Different Streaming Game To Netflix

By Martin Peers · Mar 28, 2022 5:00pm PDT

Apple CEO Tim Cook at Sunday's Academy Awards. Photo by AP

Apple is Playing a Different Streaming Game To Netflix

By Martin Peers · Mar 28, 2022 5:00pm PDT

Get me Zack or Jamie! You can bet there was a mad rush among Hollywood agents trying to get Apple TV+ chieftains Zack Van Amburg and Jamie Erlicht on the phone today. To imagine the scene, just picture those lines that used to wrap around Apple stores on iPhone release days. Yes, Sunday night’s Best Picture Oscar win for “CODA” will put the... Get me Zack or Jamie! You can bet there was a mad rush among Hollywood agents trying to get Apple...