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

Apple's San Francisco store this week. Photo by Bloomberg

Apple and Facebook United in Big Profits

By Martin Peers · Apr 28, 2021 5:30pm PDT

Apple and Facebook are feuding about privacy and ad targeting but they had one thing in common on Wednesday: bonanza earnings. Coming in the wake of healthy reports from Alphabet on Tuesday, it’s clear that consumer tech companies are benefiting enormously from the post-pandemic economic recovery. How often do large companies, particularly... Apple and Facebook are feuding about privacy and ad targeting but they had one thing in common on...

Pinterest CEO Ben Silbermann. Photo by Bloomberg.

The Briefing: Tech is Booming, Quarterly Numbers Show

By Martin Peers · Apr 27, 2021 5:31pm PDT

Tech companies are awash in cash. That’s the takeaway from earnings results for the March quarter so far, including today’s numbers from Alphabet, Microsoft and Pinterest. And it means more cash to be invested in their businesses and, for the bigger companies, to be returned to shareholders through buybacks or dividends. We... Tech companies are awash in cash. That’s the takeaway from earnings results for the March...

Alphabet and Google chief Sundar Pichai. Photo by Bloomberg

The Briefing: Roku Goes Up Against Google

By Martin Peers · Apr 26, 2021 5:32pm PDT · 1 comment

If there ever was a time when small companies feared going public with their complaints about big tech, that time has passed. We saw that last week when Spotify and Tile complained to Congress about how Apple wields its power. And it was demonstrated again today when Roku sent a note to customers informing them that they might lose access to... If there ever was a time when small companies feared going public with their complaints about big...

Apple CEO Tim Cook seen at a virtual product launch last year. Photo by Bloomberg.

The Briefing: Next Week’s Tech Earnings Parade

By Martin Peers · Apr 23, 2021 5:31pm PDT

Apple CEO Tim Cook seen at a virtual product launch last year. Photo by Bloomberg.

The Briefing: Next Week’s Tech Earnings Parade

By Martin Peers · Apr 23, 2021 5:31pm PDT

Get ready. All five of the big tech companies—Alphabet, Apple, Amazon, Facebook and Microsoft—are reporting earnings next week. And just to keep us on our toes, Twitter and Pinterest are releasing their results as well. Of all the companies, the one that probably deserves the most attention is Apple. It’s easy to overlook a... Get ready. All five of the big tech companies—Alphabet, Apple, Amazon, Facebook and...

Snap CEO Evan Spiegel. Photo by Bloomberg.

The Briefing: Snap’s (Mostly) Great Quarter

By Martin Peers · Apr 22, 2021 5:30pm PDT

If Snap’s earnings today are any guide, the digital advertising sector had a booming first quarter. Snap continued a streak of robust results by reporting 66% higher revenue and, for the first time, generating real cash. The top line increase, which was better than Snap had projected, marked the third quarter in a row where Snap’s... If Snap’s earnings today are any guide, the digital advertising sector had a booming first...

Sen. Amy Klobuchar at today's hearing. Photo by Bloomberg

The Briefing: Tile’s Powerful Strike Against Apple

By Martin Peers · Apr 21, 2021 5:02pm PDT · 1 comment

Congressional hearings involving tech executives have lately been dull affairs, with politicians ranting on one side and tech CEOs offering bland assurances on the other. But Wednesday’s Senate hearing into app stores was a different matter. In the testimonies of Tile general counsel Kirsten Daru and Spotify global affairs chief Horacio... Congressional hearings involving tech executives have lately been dull affairs, with politicians...

Netflix co-CEO Reed Hastings. Photo by Bloomberg.

The Briefing: Netflix’s Growth Hits a Wall

By Martin Peers · Apr 20, 2021 5:31pm PDT

Netflix has lost its luster with investors, no doubt about that. Shares of the video-streaming giant dropped 10% in after-hours trading after the company reported a sharp slowdown in subscriber growth in the first quarter, and projected negligible growth for the second quarter. The news likely confirmed investor worries about increased... Netflix has lost its luster with investors, no doubt about that. Shares of the video-streaming...

Facebook CEO Mark Zuckerberg. Photo by Bloomberg.

The Briefing: Facebook Goes All In on Audio

By Martin Peers · Apr 19, 2021 5:32pm PDT · 1 comment

Facebook CEO Mark Zuckerberg. Photo by Bloomberg.

The Briefing: Facebook Goes All In on Audio

By Martin Peers · Apr 19, 2021 5:32pm PDT · 1 comment

It’s doubtful there has been this much excitement about audio since the first radio broadcast. On Sunday Clubhouse confirmed our scoop from Friday about its latest $4 billion valuation fundraising. And today Facebook unveiled its new line of audio products, some of which offer Clubhouse-like features while others allow people to record... It’s doubtful there has been this much excitement about audio since the first radio...

An Uber and Lyft driver. Photo by Bloomberg.

The Briefing: Airbnb Follows Uber in Posting ‘Help Wanted’ Sign

By Martin Peers · Apr 16, 2021 5:31pm PDT

The gig economy has a labor shortage. That’s the takeaway from Airbnb CEO Brian Chesky’s statement on CNBC today that Airbnb will need “millions more hosts” to meet demand once travel picks up after the pandemic. Just last week, Uber said it didn’t have enough drivers to meet demand. Both are suffering from the... The gig economy has a labor shortage. That’s the takeaway from Airbnb CEO Brian...

Amazon founder Jeff Bezos. Photo by Bloomberg

The Briefing: Jeff Bezos Calculates Value Creation Wrong

By Martin Peers · Apr 15, 2021 5:30pm PDT · 7 comments

You might not think Amazon founder Jeff Bezos would feel the need to prove the value he’s created in the e-commerce giant, given its market capitalization of $1.7 trillion. But you’d be wrong. Stung perhaps by the constant criticism of Amazon’s working conditions and allegedly rapacious attitudes toward merchants on its... You might not think Amazon founder Jeff Bezos would feel the need to prove the value he’s...

Coinbase's signage for its direct listing on the Nasdaq today. Photo by Bloomberg.

The Briefing: Coinbase’s Mixed Debut

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

Coinbase executives are surely thrilled with the crypto firm’s public debut, which valued the company at the close at nearly $84 billion, making it one of the biggest new public listings in tech in a while. Yet the opening day didn’t quite turn out the way some had expected, showing how hard it is to gauge where a stock that lists... Coinbase executives are surely thrilled with the crypto firm’s public debut, which valued...

Stitch Fix founder Katrina Lake. Photo by Bloomberg.

The Briefing: Coinbase’s Wall Street Test, Stitch Fix’s CEO Change

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

Stitch Fix founder Katrina Lake. Photo by Bloomberg.

The Briefing: Coinbase’s Wall Street Test, Stitch Fix’s CEO Change

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

We’re stockpiling superlatives ahead of tomorrow’s public debut of Coinbase, the crypto firm that seems likely to start trading at a valuation well above $100 billion, making it one of the biggest new tech listings of the year. Just as a comparison, when Airbnb went public in December in what was one of last year’s hottest... We’re stockpiling superlatives ahead of tomorrow’s public debut of Coinbase, the...

Microsoft CEO Satya Nadella. Photo by Bloomberg.

The Briefing: Microsoft Takes a More Nuanced Approach to Deals

By Martin Peers · Apr 12, 2021 5:02pm PDT · 3 comments

Phew! For a few months we’ve been worried that Microsoft CEO Satya Nadella had lost his bearings, as he reportedly looked at buying TikTok (can you imagine the cultural combination?), Pinterest (a little better) or Discord (a fit with Xbox at least). Instead, Microsoft is plunking down nearly $20 billion to buy Nuance Communications, a... Phew! For a few months we’ve been worried that Microsoft CEO Satya Nadella had lost his...

A union official involved in the Amazon campaign in Alabama. Photo by Bloomberg.

The Briefing: Amazon Wins Round One of Union Battle

By Martin Peers · Apr 9, 2021 5:32pm PDT · 1 comment

Amazon’s victory in the Alabama unionization vote will be a relief to the e-commerce giant in the short term, but it’s hardly the end of the matter. Leaving aside the legal appeals over the outcome of the Alabama vote, the labor movement is sure to try again elsewhere. Widespread reports of onerous working conditions for Amazon... Amazon’s victory in the Alabama unionization vote will be a relief to the e-commerce giant...

Box CEO Aaron Levie. Photo by Bloomberg.

The Briefing: Box Tries, Again, to Appease Activist Shareholder

By Martin Peers · Apr 8, 2021 5:01pm PDT · 2 comments

Activist investors generally get favorable treatment from the business media, which likes to portray them as saviors riding in on a horse to rescue shareholders from poor management. While there are clearly situations where activists force much-needed changes that benefit all shareholders—eBay’s makeover under activist pressure comes... Activist investors generally get favorable treatment from the business media, which likes to...

YouTube CEO Susan Wojcicki. Photo by Bloomberg.

The Briefing: YouTube Dominates in Audience but Not Ads

By Martin Peers · Apr 7, 2021 5:02pm PDT

YouTube CEO Susan Wojcicki. Photo by Bloomberg.

The Briefing: YouTube Dominates in Audience but Not Ads

By Martin Peers · Apr 7, 2021 5:02pm PDT

A Pew Research Center study out today reported that 81% of Americans surveyed said they watched YouTube, making it not only the most popular video service of any kind but the most widely used digital service, well ahead even of Facebook. YouTube was also one of only two services—the other being Reddit—to become more popular since... A Pew Research Center study out today reported that 81% of Americans surveyed said they watched...

Inside Coinbase's San Francisco office. Photo by Bloomberg

The Briefing: Coinbase’s First Quarter Sets Stage for Big Debut

By Martin Peers · Apr 6, 2021 5:01pm PDT · 1 comment

Next week’s public market debut of cryptocurrency firm Coinbase is shaping up to be a true blockbuster. Coinbase’s first-quarter results today showed numbers any company would dream to use in their going-public pitch deck. For instance, Coinbase produced net profit of between $730 million and $800 million, up from $32 million a... Next week’s public market debut of cryptocurrency firm Coinbase is shaping up to be a...

Supreme Court Justice Clarence Thomas. Photo by Bloomberg.

The Briefing: The Supreme Court’s Good and Bad News for Tech

By Martin Peers · Apr 5, 2021 5:02pm PDT · 1 comment

The tech industry got some good news and bad news from the Supreme Court today. The good news was a ruling in favor of Google in its decade-long copyright battle with Oracle. Companies ranging from Microsoft to Etsy had warned that an Oracle victory would make life much harder for the entire industry, particularly software developers and... The tech industry got some good news and bad news from the Supreme Court today. The good news was...

Waymo CEO John Krafcik. Photo by Bloomberg.

The Briefing: What Waymo CEO’s Exit Means

By Martin Peers · Apr 2, 2021 5:01pm PDT · 1 comment

We got big news in the self-driving car industry today when John Krafcik, CEO of Alphabet’s autonomous vehicle unit Waymo, said he was stepping down. Krafcik says he is looking forward to new adventures after a “refresh” period. If he wants to stay in the industry, Krafcik would be an ideal candidate to hook up with one of the... We got big news in the self-driving car industry today when John Krafcik, CEO of Alphabet’s...

Traders on the floor of the New York Stock Exchange. Photo by Bloomberg.

The Briefing: What the Compass IPO Tells Us

By Martin Peers · Apr 1, 2021 5:00pm PDT

Traders on the floor of the New York Stock Exchange. Photo by Bloomberg.

The Briefing: What the Compass IPO Tells Us

By Martin Peers · Apr 1, 2021 5:00pm PDT

Compass seems to have found its bearings. The SoftBank-backed real estate brokerage avoided the embarrassment of what Wall Streeters call a “broken IPO”—where the stock price falls below the IPO price on the first day of trading—thanks to its savvy decision to slash the size of the offering yesterday. As a result, Compass... Compass seems to have found its bearings. The SoftBank-backed real estate brokerage avoided the...