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

Uber CEO Dara Khosrowshahi. Photo by Bloomberg.

What Uber CEO’s Cost-Cutting Memo Reveals

By Martin Peers · May 9, 2022 5:00pm PDT

The relentless stock market drop is starting to spook tech CEOs. Over the weekend, Shopify’s CEO Tobi Lütke, perhaps irritated by his stock’s 75% drop so far this year, questioned whether Wall Street analysts were held accountable for their work. Even more telling was Uber CEO Dara Khosrowshahi’s staff memo—first reported by CNBC—revealing his... The relentless stock market drop is starting to spook tech CEOs. Over the weekend, Shopify’s CEO...

Box CEO Aaron Levie. Photo by Bloomberg.

The Rare Winner and Many Losers of This Year’s Tech Stock Market

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

Quick quiz: What’s one of the only tech stocks to have risen in price so far this year? (Leave aside the companies, like Twitter, that are getting bought.) If you guessed Box, give yourself a pat on the back. You’ve been paying attention. Yes, the enterprise software stock that was out of favor—to put it mildly—during the boom times has come... Quick quiz: What’s one of the only tech stocks to have risen in price so far this year? (Leave...

Elon Musk. Photo by Bloomberg.

What Is Musk’s Band of Twitter Backers Expecting?

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

Say this for Elon Musk: He gets stuff done. His disclosure today that he has lined up $7.1 billion in investor commitments to help fund his Twitter bid, including a commitment from Saudi Prince Alwaleed bin Talal to roll over his current 4.5% stake in the company as Musk takes it private, should put to rest questions about whether the deal will... Say this for Elon Musk: He gets stuff done. His disclosure today that he has lined up $7.1...

Meta CEO Mark Zuckerberg. Photo by Bloomberg.

Layoffs, Hiring Freeze Spread Through Tech

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

Meta CEO Mark Zuckerberg. Photo by Bloomberg.

Layoffs, Hiring Freeze Spread Through Tech

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

Things really are turning brutal for tech workers. We scooped the news today that Cameo laid off a quarter of its workforce, just the latest example of the layoffs spreading through tech. Also today, Business Insider reported that Meta Platforms has instituted a hiring freeze through the end of this year (more on that from us here), while The... Things really are turning brutal for tech workers. We scooped the news today that Cameo laid off...

Photo by Bloomberg.

Airbnb Cleans Up in Q1 While Lyft Stalls

By Martin Peers · May 3, 2022 5:00pm PDT

Talk about a tale of two startups. Two original members of the gig economy generation, Lyft and Airbnb, reported their first-quarter updates today. Both were hit by Covid-19 but are now performing very differently. Airbnb is going from strength to strength. Its first-quarter revenue was 79% above what it was in the first quarter of 2020, while... Talk about a tale of two startups. Two original members of the gig economy generation, Lyft and...

A Wall Street trader during last week's sell off. Photo by Bloomberg.

Covid Winner Stocks Enjoy a Day in the Sun

By Martin Peers · May 2, 2022 5:00pm PDT

Uh-oh, put that mask back on: The stock market is acting like Covid-19 is back. Amid a topsy-turvy day on the stock market, when a big sell-off gave way to a modest rally, one group of companies rallied strongly—the Covid winners. Zoom Video, Pinterest, Peloton, Spotify, Shopify, Roku and Netflix—all of which got pummeled mercilessly in recent... Uh-oh, put that mask back on: The stock market is acting like Covid-19 is back. Amid a...

Elon Musk. Photo by Bloomberg.

The Next Hurdle for Musk’s Twitter Plans

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

Elon Musk is slowly filling in the blanks on his Twitter purchase. It turns out that while we were all wondering if he would sell more of his Tesla shares to fund the $44 billion acquisition, he was doing just that! But after raising $8.4 billion, he’s done selling shares in the electric car maker, he tweeted Thursday night. That should be good... Elon Musk is slowly filling in the blanks on his Twitter purchase. It turns out that while we...

An Amazon warehouse in Staten Island, New York. Photo by Bloomberg

Amazon’s Post-Pandemic Hangover; Apple Avoids Carnage

By Nick Wingfield · Apr 28, 2022 4:17pm PDT

An Amazon warehouse in Staten Island, New York. Photo by Bloomberg

Amazon’s Post-Pandemic Hangover; Apple Avoids Carnage

By Nick Wingfield · Apr 28, 2022 4:17pm PDT

Greetings!Headed into this earnings season, there was a lot of concern that big tech companies would be reporting ugly quarters left and right. So far, though, Amazon is the only one to truly lay an egg. We’re not talking about the $3.8 billion net loss the company reported for the first quarter, a paper-only loss due to a drop in the value of... Greetings!Headed into this earnings season, there was a lot of concern that big tech companies...

Meta CEO Mark Zuckerberg during an event last year. Photo by Bloomberg.

Meta's Bleak Q1; Spotify's Netflix Moment

By Martin Peers · Apr 27, 2022 5:00pm PDT

Score one for Meta Platforms, the company formerly known as Facebook, for accurately predicting how bad its first-quarter performance was going to be. The social media giant this afternoon reported what by any standards were dismal results, with revenue up just 7%. What’s more, Meta projected growth would be even weaker in the second quarter.... Score one for Meta Platforms, the company formerly known as Facebook, for accurately predicting...

Alphabet CFO Ruth Porat. Photo by Bloomberg.

Microsoft, Alphabet Push the Power of Positive Thinking

By Martin Peers · Apr 26, 2022 5:00pm PDT

What a day! For the second time in three days, the stock market plunged off a cliff, a reminder that anxiety about the economy and rising interest rates remain as intense as ever. The recovery in stocks we saw starting in mid-March is now just a distant memory. The Nasdaq’s closing level today was its lowest all year and was 22% below the high... What a day! For the second time in three days, the stock market plunged off a cliff, a reminder...

Elon Musk. Photo by Bloomberg.

Twitter Embraces Musk—Will He Live to Regret It?

By Martin Peers · Apr 25, 2022 5:00pm PDT

Wow. It took Twitter’s board less than two weeks to traverse all five stages of grief—from denial to bargaining to acceptance—and reach a deal with Elon Musk for control of Twitter. In the end, there really was no alternative. Twitter’s routinely disappointing performance, both as a stock and as a business, truly made Musk’s offer the “best path... Wow. It took Twitter’s board less than two weeks to traverse all five stages of grief—from denial...

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

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

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

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

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

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...