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

Shopify's headquarters in Canada. Photo by Bloomberg.

What the Shift to Cash Comp Means for Tech Profit Margins

By Martin Peers · Mar 4, 2022 5:00pm PST · 1 comment

Cash is once again king. We got more evidence this week—in our interview with Cisco’s chief people officer—that some tech companies are raising salaries to sweeten pay at a time when falling stock prices make stock less appealing as a form of compensation. While workers may be pleased, investors might not be. Companies (and investors) like to... Cash is once again king. We got more evidence this week—in our interview with Cisco’s chief...

Disney's name on a screen at the New York Stock Exchange. Photo by Bloomberg.

Why Disney’s Ad-Streaming Move Would Be a Big Deal

By Martin Peers · Mar 3, 2022 5:00pm PST

Netflix’s revolutionary impact on television is beginning to fade. Our scoop today that Disney is considering a cheaper, ad-supported version of its Disney+ service shows how streaming is inexorably gravitating toward the traditional TV model. Such a move means Disney would follow NBCUniversal, Discovery, Paramount, WarnerMedia and even Amazon... Netflix’s revolutionary impact on television is beginning to fade. Our scoop today that Disney is...

An Amazon Books store in New York. Photo by Bloomberg.

What Amazon’s Store Closures Tell Us

By Martin Peers · Mar 2, 2022 5:00pm PST · 1 comment

What a sign of the times. For years, Amazon has been blamed for brick-and-mortar retail chains closing stores and in some cases going out of business all together. Today, Amazon got a taste of its own medicine. The e-commerce giant said it would close 68 of its physical stores, Reuters reported, including a chain of shops called 4-star that... What a sign of the times. For years, Amazon has been blamed for brick-and-mortar retail chains...

Salesforce co-CEO Marc Benioff. Photo by Bloomberg.

What Salesforce's Q4 Says About Tech's Information War

By Martin Peers · Mar 1, 2022 5:00pm PST

Salesforce co-CEO Marc Benioff. Photo by Bloomberg.

What Salesforce's Q4 Says About Tech's Information War

By Martin Peers · Mar 1, 2022 5:00pm PST

Tech companies, like other U.S. businesses, are pulling out all the stops to respond to the horror of Russia’s attack on Ukraine. As we outlined in this report today, more than a dozen companies are doing everything from helping Ukrainians wage information warfare against Russia to cutting financial ties with the country. Microsoft and others... Tech companies, like other U.S. businesses, are pulling out all the stops to respond to the...

Taxis operated by the Yandex-Uber joint venture in Moscow last week. Photo by Bloomberg.

Uber and Others Learn the Cost of Doing Business in Russia

By Martin Peers · Feb 28, 2022 5:00pm PST · 1 comment

First China, now Russia. The Russian invasion of Ukraine in the past week, like China’s tech crackdown before it, has reminded U.S. tech companies just how little they understood these authoritarian regimes. And when things turn ugly, the cost of operating in those countries—both financially and reputationally—can be enormous. (For another angle... First China, now Russia. The Russian invasion of Ukraine in the past week, like China’s tech...

Zendesk CEO Mikkel Svane. Photo by Bloomberg.

What’s Next for Zendesk and Momentive After Deal Collapse

By Martin Peers · Feb 25, 2022 5:00pm PST

The board of Zendesk may want to rethink the company’s name, at least while they still have a job, as there’s certainly nothing zen about the enterprise software firm nowadays. As was inevitable, Zendesk’s proposed acquisition of Momentive Global, once known as SurveyMonkey, went down in flames today when Zendesk shareholders voted... The board of Zendesk may want to rethink the company’s name, at least while they still have a...

A traffic jam as people try to leave Kyiv, Ukraine today after Russia's attack. Photo by Bloomberg.

Why Today’s Tech Rally Misses Dangers of Ukraine Conflict

By Martin Peers · Feb 24, 2022 5:00pm PST · 1 comment

It didn’t take long today for U.S. investors to shrug off worries about Russia’s attack on Ukraine. After an initial broad market sell-off, tech stocks rallied strongly this afternoon, lifting the Nasdaq index by 3.3%. That might seem a surprising reaction given the potentially catastrophic effects of a European war on the global economy. Then... It didn’t take long today for U.S. investors to shrug off worries about Russia’s attack on...

An Allbirds store in San Francisco. Photo by Bloomberg.

Allbirds Avoids Walking in Meta’s Shoes

By Nick Wingfield · Feb 23, 2022 5:00pm PST

An Allbirds store in San Francisco. Photo by Bloomberg.

Allbirds Avoids Walking in Meta’s Shoes

By Nick Wingfield · Feb 23, 2022 5:00pm PST

Lately, there’s been a lot of hand-wringing about how Apple’s mobile privacy changes—which recently blew a hole in the finances and stock of Meta, Facebook’s parent company—may also affect lots of other companies that have benefited from relatively cheap advertising on Facebook. Earlier this week, Ben Thompson said in a post on his Stratechery... Lately, there’s been a lot of hand-wringing about how Apple’s mobile privacy changes—which...

Spotify's Daniel Ek. Photo by Bloomberg

Why Spotify's Car Thing Will Stall

By Martin Peers · Feb 22, 2022 5:00pm PST

You’ve got to hand it to Spotify CEO Daniel Ek: He’s willing to try anything, no matter how silly it might seem, if it can help build his business. And we’re not talking about signing Joe Rogan. Instead, we’re thinking of Spotify’s new Car Thing device, released widely today. This gizmo lets people play the Spotify app in cars,... You’ve got to hand it to Spotify CEO Daniel Ek: He’s willing to try anything, no matter how silly...

A London bus advertising Gopuff services. Photo: AP

A Vibe Shift in Venture

By Nick Wingfield · Feb 18, 2022 5:00pm PST

Earlier this week, The Cut published a story entitled “A Vibe Shift is Coming. Will Any of Us Survive It?” that quickly went viral, at least among the blue checkmark crowd on Twitter (the story was about a possible comeback of decadence in fashion and other parts of popular culture). The Information’s own Berber Jin today identified a different... Earlier this week, The Cut published a story entitled “A Vibe Shift is Coming. Will Any of Us...

Palantir CEO Alexander Karp. Photo by Bloomberg.

The Flaws in Palantir's Big Tech-Like Growth Tactic

By Martin Peers · Feb 17, 2022 5:00pm PST

Enterprise software firm Palantir has proudly trod its own path in the tech industry, embracing an openly nationalist attitude that is in keeping with its roots serving the defense and intelligence communities. In his first appearance on a company earnings call today, CEO Alexander Karp even described Palantir as a company that “in every way... Enterprise software firm Palantir has proudly trod its own path in the tech industry, embracing...

Alphabet CEO Sundar Pichai appearing at a conference last November. Photo by Bloomberg

What the Future Holds for Alphabet vs. Meta

By Martin Peers · Feb 16, 2022 5:00pm PST

Alphabet CEO Sundar Pichai appearing at a conference last November. Photo by Bloomberg

What the Future Holds for Alphabet vs. Meta

By Martin Peers · Feb 16, 2022 5:00pm PST

Just when it looked like Wall Street’s shellacking of Meta Platforms’ stock had ended, we got more news today that reinforced anxieties about the company formerly known as Facebook. Yes, Google’s announcement that it will follow Apple in curtailing ad tracking can only make life harder for Meta’s ad business. (For more on Google’s plans, see our... Just when it looked like Wall Street’s shellacking of Meta Platforms’ stock had ended, we got...

Airbnb signage at the Nasdaq when the company went public. Photo by Bloomberg.

Airbnb Now Printing Cash—What Will Chesky Do Next?

By Martin Peers · Feb 15, 2022 5:00pm PST

It has to be acknowledged when a company hits it out of the park, particularly one that doesn’t get much attention. Airbnb, as its fourth-quarter results tonight demonstrated, is one such company. Consider just this one statistic: In all of 2021, the company generated $2.2 billion in free cash flow—that’s the amount of cash produced by its... It has to be acknowledged when a company hits it out of the park, particularly one that doesn’t...

Peloton's new CEO, Barry McCarthy. Photo by Bloomberg.

Reasons To Be Skeptical About Barry McCarthy's Peloton Plans

By Martin Peers · Feb 14, 2022 5:00pm PST

Peloton’s new CEO, Barry McCarthy, wants the world to know he's not moving across the country just to preside over the sale of the troubled fitness equipment company. Instead, he told the Financial Times, he plans to concentrate on building out the content side of Peloton’s business, where profit margins are much higher than they are on the... Peloton’s new CEO, Barry McCarthy, wants the world to know he's not moving across the country...

Zendesk's San Francisco headquarters. Photo by Bloomberg.

Lessons in Takeover Strategy: Zendesk-Momentive Edition

By Martin Peers · Feb 11, 2022 5:00pm PST

If there’s a next season of “Billions,” the writers may want to pivot to the enterprise software world, focusing on what has to be the most drama-laden takeover deal in recent memory. That would be Zendesk’s bid to buy Momentive Global, the company formerly known as SurveyMonkey. This software soap opera hasn’t received a lot of mainstream media... If there’s a next season of “Billions,” the writers may want to pivot to the enterprise software...

Binance CEO Changpeng Zhao. Photo by Bloomberg

Binance Blesses Forbes’ SPAC Deal

By Martin Peers · Feb 10, 2022 5:00pm PST

Binance CEO Changpeng Zhao. Photo by Bloomberg

Binance Blesses Forbes’ SPAC Deal

By Martin Peers · Feb 10, 2022 5:00pm PST

When it comes to weaving a fun story, it’s tough to beat the news media. That’s why we’re skeptical of the explanation crypto exchange Binance is giving for its $200 million investment in Forbes. This is likely less about Binance helping Forbes adapt to Web3 and more about saving Forbes’ SPAC deal from a BuzzFeed-like embarrassment.Let’s... When it comes to weaving a fun story, it’s tough to beat the news media. That’s why we’re...

Disney CEO Bob Chapek. Photo by Bloomberg.

The Risks of Disney’s Quick Fix for Subscriber Growth

By Martin Peers · Feb 9, 2022 5:00pm PST

Disney has figured out an ingenious way to jump-start its streaming subscriber growth—give people less of a choice! Since late December, Disney has automatically included Disney+ and ESPN+ in one of its Hulu offerings, at a slightly higher price than it previously charged, we learned today. Ingenious! It’s a reminder that the customer-unfriendly... Disney has figured out an ingenious way to jump-start its streaming subscriber growth—give people...

Nvidia CEO Jen-Hsun Huang. Photo by Bloomberg.

What Demise of Nvidia-Arm Deal Says About Regulators’ Impact

By Martin Peers · Feb 8, 2022 5:00pm PST

It’s been an action-packed 24 hours in tech and, unlike most of the past month, the stock market didn’t drive today’s developments. If there is a common thread running through the latest news, it’s the specter of big tech companies expanding their market power. That’s most obviously true in Nvidia’s abandonment of its Arm acquisition, confirmed... It’s been an action-packed 24 hours in tech and, unlike most of the past month, the stock market...

A Rivian truck driving past the Nasdaq in New York the day of Rivian's IPO. Photo by Bloomberg.

The Problem With Amazon’s Big Rivian Gain

By Martin Peers · Feb 7, 2022 5:00pm PST

Here’s a puzzle: Did Amazon’s fourth-quarter profit rise or fall? Depending on what you read, it could be either. One metric, Amazon’s net income, nearly doubled while another, slightly nerdier metric called operating profits, fell by about half. It might sound confusing. But all anyone needs to know is that the net income increase was... Here’s a puzzle: Did Amazon’s fourth-quarter profit rise or fall? Depending on what you read, it...

Meta Platforms' Menlo Park headquarters. Photo by Bloomberg.

Believing in Zuckerberg’s Startup Chops

By Martin Peers · Feb 4, 2022 5:00pm PST

Meta Platforms' Menlo Park headquarters. Photo by Bloomberg.

Believing in Zuckerberg’s Startup Chops

By Martin Peers · Feb 4, 2022 5:00pm PST

Here’s a question for investors and employees contemplating Meta Platforms after this week’s stock drop: Do you think Mark Zuckerberg can do it again? If you believe the co-founder of Facebook still has the startup chops to turn Meta’s metaverse investment into a lucrative business, then you’re probably going to be buying Meta stock right now.... Here’s a question for investors and employees contemplating Meta Platforms after this week’s...