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

Amazon CEO Andy Jassy. Photo by Bloomberg.

Why Q4 Is Looking Ugly for Much of Big Tech

By Martin Peers · Oct 29, 2021 5:01pm PDT · 2 comments

What a week. It’s now crystal clear just how badly the global supply shortages—both in chips and a broader range of consumer goods—are rippling through consumer-focused tech companies, most notably Amazon, Apple, Facebook and Snap. That sets the scene for an ugly fourth quarter, as all four companies have warned that conditions will worsen. The... What a week. It’s now crystal clear just how badly the global supply shortages—both in chips and...

Mark Zuckerberg announcing Facebook's new name today. Photo by Bloomberg.

Facebook Goes Meta; Amazon’s Slowdown; Apple Hit by Shortages

By Martin Peers · Oct 28, 2021 5:00pm PDT

It’s not often you see big public companies survive a scandal without taking major action, such as booting the CEO. Think Boeing and the 737 Max drama, which prompted the resignation of CEO Dennis Muilenburg in 2019, or the uproar over Uber’s corporate culture that precipitated the exit of founding CEO Travis Kalanick in 2017. A lesser option,... It’s not often you see big public companies survive a scandal without taking major action, such...

Snap CEO Evan Spiegel. Photo by Bloomberg.

Why Snap’s Wall Street Messages Need a More Realistic Lens

By Martin Peers · Oct 27, 2021 5:00pm PDT

As today was a rest day for big tech company earnings—Apple and Amazon are tomorrow—it’s worth reflecting on what we’ve learned in the past few days about the current turmoil in the digital ad market. One takeaway may be that investors don’t understand the ad tech world very well. Otherwise they would have divined ahead of time how Apple’s... As today was a rest day for big tech company earnings—Apple and Amazon are tomorrow—it’s worth...

Microsoft CEO Satya Nadella. Photo by Bloomberg.

Alphabet and Microsoft Power Through Q3

By Martin Peers · Oct 26, 2021 5:00pm PDT

Microsoft CEO Satya Nadella. Photo by Bloomberg.

Alphabet and Microsoft Power Through Q3

By Martin Peers · Oct 26, 2021 5:00pm PDT

September earnings reports today from Alphabet and Microsoft made it clear that the two tech giants are better insulated than some of their smaller peers from the vagaries of the world economy. It’s a reminder that despite all the regulatory and political doubts about big tech companies, their businesses continue to grow at an impressive pace.It... September earnings reports today from Alphabet and Microsoft made it clear that the two tech...

Facebook CEO Mark Zuckerberg. Photo by Bloomberg.

Why Facebook Has to Make the Metaverse Investment

By Martin Peers · Oct 25, 2021 5:34pm PDT

Facebook wants the world to know just how much money it is investing in the metaverse, the futuristic immersive world that CEO Mark Zuckerberg hopes will draw in a billion people at some point in the next few years. Superficially, the investment numbers are impressive—Facebook said today that its spending on the Reality Labs unit which is... Facebook wants the world to know just how much money it is investing in the metaverse, the...

Facebook CEO Mark Zuckerberg speaks during a virtual developer conference in June. Photo by Bloomberg

Facebook’s Rebranding Is About Tim Cook, Not Whistleblowers

By Jessica E. Lessin · Oct 22, 2021 5:00pm PDT · 1 comment

Next week is going to be a big one for Facebook. There will be a corporate rebrand from the company of some sort, a very high-stakes earnings report, and Facebook’s biggest event of the year, its Connect developer conference, featuring a keynote from CEO Mark Zuckerberg. Oh, and a storm of a document dump that will be fairly unprecedented in... Next week is going to be a big one for Facebook. There will be a corporate rebrand from the...

Snap CEO Evan Spiegel. Photo by Bloomberg.

Snap’s Weak Q4 Projection Signals Sharp Slowdown in Ad Market

By Martin Peers · Oct 21, 2021 5:00pm PDT

Advertisers are hitting the brakes—hard. That’s the message today from Snap, the first of the digital ad companies to report third-quarter earnings. A combination of Apple’s ad-targeting clampdown and knock-on effects from supply shortages are expected to sharply slow fourth-quarter ad growth, Snap executives warned. It was a sobering portent... Advertisers are hitting the brakes—hard. That’s the message today from Snap, the first of the...

Pinterest's San Francisco headquarters. Photo by Bloomberg.

PayPal Investors Ask for Refund on Pinterest Talks

By Martin Peers · Oct 20, 2021 5:01pm PDT

Pinterest's San Francisco headquarters. Photo by Bloomberg.

PayPal Investors Ask for Refund on Pinterest Talks

By Martin Peers · Oct 20, 2021 5:01pm PDT

We got a very clear sense of what investors think of the prospect that PayPal might buy Pinterest from how the two stocks reacted to news of deal talks between the companies, first reported by Bloomberg. PayPal stock dropped nearly 5%, slicing about $15 billion off the digital payment company’s market capitalization. Pinterest shares,... We got a very clear sense of what investors think of the prospect that PayPal might buy Pinterest...

Google's devices and services senior vice president Rick Osterloh on Tuesday. Photo by Bloomberg

Google’s Pixel Subscription Offering Shows Flaws of Tech Service Bundles

By Martin Peers · Oct 19, 2021 5:00pm PDT

Danger ahead. At a moment when consumers are finally breaking free of the cable TV “bundle”—industry code for charging people a pile of money for a bunch of TV channels they mostly don’t watch—tech companies are trying to ensnare them with similar traps. Witness Google’s Pixel Pass subscription plan, unveiled on Tuesday. It offers the new Pixel... Danger ahead. At a moment when consumers are finally breaking free of the cable TV “bundle”—...

Apple CEO Tim Cook. Photo by Bloomberg

Facebook’s Ad Business Is Getting Squeezed by Apple’s Tracking Changes

By Martin Peers · Oct 18, 2021 5:00pm PDT · 1 comment

A flood of internal Facebook documents showing up in the news media is telling us plenty about angst inside the company caused by toxic content and competitive threats from other services. And judging by this tweet from Facebook PR, more such revelations are on their way, a sign of how well organized these leakers are. But a bigger challenge for... A flood of internal Facebook documents showing up in the news media is telling us plenty about...

Dave Chappelle. Photo by AP.

What the Chappelle Drama Says About the Difference Between Netflix and Facebook

By Martin Peers · Oct 15, 2021 5:00pm PDT · 2 comments

If news media coverage is anything to go by, the biggest drama on Netflix right now isn’t “Squid Game” but the internal company battle over Dave Chappelle’s comedy special. And what’s striking is how differently Netflix management has handled this free speech issue from how other tech executives—such as Facebook CEO Mark Zuckerberg—have handled... If news media coverage is anything to go by, the biggest drama on Netflix right now isn’t “Squid...

A Fridge No More delivery facility in New York City. Photo by Mike Sullivan.

The Real Risks of the Ultrafast Delivery Wars

By Martin Peers · Oct 14, 2021 5:01pm PDT

A Fridge No More delivery facility in New York City. Photo by Mike Sullivan.

The Real Risks of the Ultrafast Delivery Wars

By Martin Peers · Oct 14, 2021 5:01pm PDT

We hear a lot nowadays about social media’s divisive impact on the country. But another venture-backed industry arguably poses a much graver danger to people’s long-term health: ultrafast delivery startups. Venture capitalists are currently pouring hundreds of millions of dollars into a sector whose entire goal in life is to enable couch... We hear a lot nowadays about social media’s divisive impact on the country. But another...

ViacomCBS executives, and SpongeBob, celebrate the merger of Viacom and CBS in 2019. Photo by Bloomberg.

Are SpongeBob NFTs a Dopey Idea? Maybe Not

By Martin Peers · Oct 13, 2021 5:01pm PDT

If you’re allergic to the catchy buzzwords executives and investors love to throw around, you might not want to read the next sentence, given the risk of anaphylactic shock. ViacomCBS has become “one of the first major media and entertainment companies to enter the metaverse in a significant way,” thanks to a partnership that will bring its TV... If you’re allergic to the catchy buzzwords executives and investors love to throw around, you...

A DoorDash delivery worker. Photo by Bloomberg.

Delivery Firms Rush Into Advertising, Where Others Fear to Tread

By Martin Peers · Oct 12, 2021 5:00pm PDT

What is it about the advertising business that makes otherwise sensible businesspeople think it’s the panacea for all their ills? This week, as The Wall Street Journal recounted today, DoorDash launched its ad sales effort, following on the heels of similar moves by Instacart and Uber. All three apparently see advertising as the way to turn... What is it about the advertising business that makes otherwise sensible businesspeople think it’s...

A bull statue for sale outside the New York Stock Exchange last month. Photo by Bloomberg.

The IPO Year to Remember

By Martin Peers · Oct 11, 2021 5:00pm PDT

This really has been a banner year for IPOs. Yes, you’ve seen all the headlines, but now we’ve got some data to back up that assertion. So far this year, 104 tech firms have gone public via initial public offering, more than in any year since 2000, according to Dealogic. And this year’s IPOs have raised more money than those in any year going... This really has been a banner year for IPOs. Yes, you’ve seen all the headlines, but now we’ve...

Frances Haugen. Photo by Bloomberg.

Whistleblowers’ Moment in Tech

By Nick Wingfield · Oct 8, 2021 5:00pm PDT · 2 comments

Frances Haugen. Photo by Bloomberg.

Whistleblowers’ Moment in Tech

By Nick Wingfield · Oct 8, 2021 5:00pm PDT · 2 comments

It would be an understatement to say whistleblowing in the tech industry had a moment this week. First, Frances Haugen, now forever known as the Facebook Whistleblower, caused a media and political frenzy with her testimony in Washington, D.C., on Tuesday. Also this week, a project headed by Ifeoma Ozoma, a former Pinterest staffer who went... It would be an understatement to say whistleblowing in the tech industry had a moment this week....

A trader on the floor of the New York Stock Exchange last month. Photo by Bloomberg.

An Aborted IPO Reflects Market Jitters About Covid Winners

By Martin Peers · Oct 7, 2021 5:00pm PDT

After a spate of IPO filings earlier this week, including from companies Rent the Runway, Udemy and GlobalFoundries, you might have thought the roller-coaster ups and downs of the market weren’t deterring anyone from going public. Wrong! Today iFit Health & Fitness, a competitor to Peloton, decided to postpone its IPO due to “adverse market... After a spate of IPO filings earlier this week, including from companies Rent the Runway, Udemy...

Coinbase CEO Brian Armstrong. Photo by Bloomberg.

Why Coinbase CEO’s Worries About Attacks on Founders Are Misplaced

By Martin Peers · Oct 6, 2021 5:00pm PDT · 1 comment

Coinbase CEO Brian Armstrong is worried that attacks from the press and politicians will drive successful CEOs to “leave from burnout.” Given the timing, this tweet seemed to be a response to the pounding that Facebook CEO Mark Zuckerberg has taken lately, although Armstrong mentioned “Gates, Page, Bezos” as though they were examples. This has... Coinbase CEO Brian Armstrong is worried that attacks from the press and politicians will drive...

Senators Marsha Blackburn and Richard Blumenthal as Frances Haugen testified today. Photo by Bloomberg.

Facebook Leads to Hyperbole Outbreak

By Martin Peers · Oct 5, 2021 5:00pm PDT

Have we reached peak Facebook-bashing yet? It would be risky to call the top for that exercise, although it may be hard to surpass this week’s one-two punch of the global outage with the public appearances of whistleblower Frances Haugen. The result is commentary notable for its rapidly diminishing quota of common sense. Take, for example,... Have we reached peak Facebook-bashing yet? It would be risky to call the top for that exercise,...

Facebook's Silicon Valley headquarters. Photo by Bloomberg.

Facebook’s Outage and its Future

By Martin Peers · Oct 4, 2021 5:00pm PDT

Facebook's Silicon Valley headquarters. Photo by Bloomberg.

Facebook’s Outage and its Future

By Martin Peers · Oct 4, 2021 5:00pm PDT

Fixing the problems caused by Facebook turned out to be easier than everyone thought. Just turn off the site! Today’s global outage affecting all parts of Facebook seems an appropriate coda to the spate of news stories about Facebook’s negative impact on society in recent weeks. The New York Times opined that the recent spate of revelations in... Fixing the problems caused by Facebook turned out to be easier than everyone thought. Just turn...