Mayer's Yahoo, 1 Year Later: Bloomberg West (07/16)

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July 16 (Bloomberg) -- On today's "Bloomberg West" the focus is on innovation, technology, media and the future of business. Hosted by Emily Chang with Editor-at-Large Cory Johnson and Senior Correspondent Jon Erlichman from Bloomberg's San Francisco studio, it showcases the personalities, companies and trends that are transforming the global economy. (Source: Bloomberg)

Live from pier 3 in san francisco, welcome to "bloomberg west," where we cover the global technology and media companies that are reshaping our world.

I'm emily chang.

Our focus is on innovation, technology, and the future of business.

Let's get straight to the rundown.

Marissa mayer's yahoo!

One year later.

She has made more than one dozen acquisitions and put a premium on boosting morale.

But advertising sales are still down.

Just days after edwards notably new documents accusing microsoft of helping the u.s. spy on users, microsoft fires back saying it does not help anyone get past its encryption.

And want a new phone faster?

At&t is joining t-mobile in letting users by their phones and upgrade more often.

Who wins?

The carrier or customers?

To the leader.

Yahoo's second earning report shows it is a work in progress for marissa mayer as her efforts to boost revenue do not appear to be paying off so far.

Second quarter profit was up 46%. that sounds good, but sales actually fell one percent in the quarter just under $1.1 billion.

Meyer is marking one year -- mayer is marking one year as ceo.

Take a listen to what she had to say on the earnings webcast.

Our product launches have dramatically picked up.

It is one of the most productive in the history of yahoo.

We basically reached a pace of launching a new product every week and a significant new product at that.

We made real progress over the last year and we have tons of momentum heading into q3. shares are trading up slightly.

Cory johnson here now with the drill down.

What do you make?

A big increase in profit, but when you break it down, it does not sound so good.

Fundamentally, it is sell less and make more.

This is not what their plan was.

Their plan was not to shrink revenue.

It was to grow revenue.

I think you put it fairly.

The turnaround is not there yet.

It does not look awful, but it does not look great, either.

This is a challenging business.

This is an opportunity for another ceo.

Is a too early?

The market has made a decision about what will happen.

We saw the stock price go bonkers about one year ago from what it was announced.

That long-term increase in the price, even with just one year, does not show us true results because the actual results that bristol-myers squibb up -- marissa mayer has put up , she is responsible for the last year going forward.

When we saw an actual pickup in sales, this was after tragic acquisition costs.

These are not sales bacon juice.

We -- these are not sales they can juice.

Those big numbers, the revenue growth just is not there.

A lot of things -- graphs, and charts, i thought the visuals were compelling.

I thought they helped to tell the story.

You do not get that when you are interest -- listening in on an audio conference call.

What do you think?

I liked it.

I liked it better.

I like seeing some products that i had not seen but i had read about.

I think it is easy to get distracted.

The conference call mostly focused on the numbers.

The point of showing flashy videos is so you are not focused on the numbers.

You are focused on something else.

One of the things that jumped out at me were the numbers, such as their click growth.

That growth is rising quite a bit for these guys.

The trend is up 21% year-over- year.

It is getting better.

But their display growth is really hurting.

It is not quite as bad as it has been, but they have quarter after quarter of decline.

Not only two percent year over year, but you can actually see that in this call.

You can sense that they were unhappy with the display results.

There was an industrywide change that is not helping them.

What would you say is the best and worst of number you heard today?

I am not good at it.

You are just good at a worse question mark -- at worsts?

I can give you worsts.

They're pricing, not only were their numbers down, but the pricing was in the tank.

It down 12% year over year.

If you are selling us than everyone you sell and you are worth a lot less, that was supposed to be a strength that yahoo could build on.

All right, cory johnson, our editor at large.

Giving us the worst of what we saw today.

We can always count on you for that today.

To further break down yahoo's numbers, i want to bring in hyper jeffrey -- hyper jeffrey -- jeffrey, he has a neutral rating on the shares.

What was the best thing you heard in this conference call today?

He said it, but indirectly.

It was the 21% click growth was placed to this whole engagement which is what marissa is a essentially saying.

Let's focus first on engagement and second on revenue.

The revenue has not happened.

Unfortunately, investors like to think of revenue earnings first.

I think that was the big positive here.

All things considered them, what stood out to you in these numbers.

Is it good or bad here for marissa mayer?

I do not think it is a good year.

I think she has done a lot for the stock.

I think you have to give her a ton of credit for energizing a broken business.

If you look at some of the court metrics, what yahoo at its core is is displayed.

Mobile ways around that.

Search is not their core business.

At this plate number down 11%. it was unchanged and down five percent in last september.

That's a trend is not very exciting trend.

You have to give some leeway here because their focus has been engagement.

There are also some big headwinds around revenue, in particular, problematic buying which is basically more exchanges that give some of the efficiencies and the price advantage to advertisers versus people like yahoo.

If you could give her her grade, what would it be?

I would give her a b+. that is not a bad, is not the bad.

I think a b+ based on what the stock has done.

Based on the core fundamentals, it is probably more like a b-. she has done a lot.

We have to give her credit for what she has accomplished.

To their own point, it is something that needs addressing.

She has talked a lot about wanting to make users daily habits part of her strategy to get people coming to yahoo on a daily basis.

Is that a enough for you?

Do you want to see more?

Do you want to see more of a concrete strategy from her?

I think something around, is it going to be content-driven?

That would be nice to know.

If there were questions about how much they will be spending on video content, for example.

Alternately, what do they have content today.

-- alternately -- ultimately, what they do have is content today.

I think to answer your question, we always want more details.

As they are the medically talking about the right thing, which is revenue growth.

We should start to see some of that improvement, or hope to see some of that.

I guess to answer your question, we have some framework.

There are some missing pieces and alternately the trend has not been very friendly around that display a number.

She did talk a lot about, you know, look for them to make investments in video and video content.

Speaking of video, what did you think of the earnings for video?

I guess i was in your camp.

I really liked it.

The ability to show things, i did not see it as a distraction.

I saw it as a good way to make their point.

And lots of time you do not see the nuances of those products.

I hope other companies do it.

So, looking forward, she also talked about acquisitions.

She said they will continue to make smaller acquisitions, things like tumb lr, not necessarily that big.

It was interesting to see how she is incorporating these new numbers into the company.

How do we know for sure these people will stay long-term and that they are as personally invested at yahoo as they were at their former company?

In tumblr's case, they paid cash.

It is hard to keep people around and have artie been paid out.

I do not know the details of what their retention is.

As you mentioned, they will do more acquisitions, but they will not be big ones.

They will be smaller ones.

That is one thing i think she has done well, in general, on the retention side.

Vacate a graph in terms of -- they gave a graph in terms of the people who want to work at yahoo.

It is a big question that a lot of companies struggle with.

I think in yahoo's case is they do not know the answer about how they will do that, but it has been better today than 12 months ago.

That is for sure.

As she calls it, there has been an intern a renaissance at yahoo.

Piperjaffray's, gene munster, thank you for joining us as always today.

Thank you.

At&t takes a page out of t- mobile's lay book or a new plan to let you upgrade to a new phone faster.

That story next.

You can also watch a streaming on your tablet, phone, and bloomberg.com.

? welcome back.

I am emily chang.

This is "bloomberg west" on bloomberg television.

It seems the drama over dell may never and.

First we got word that the shareholder vote on his boat to take the company private might be delayed.

And then they reiterated the push for the offer.

Cristina alesci is tracking the story.

Does this change anything here?

Like you said, we were reporting all day that the special committee was weighing a potential delay in the vote.

That could have played to carl icahn's favor.

It could have given shareholders a chance to signal that they were not happy with that 1365. it may have prompted michael dell, or some people were hoping, to of the deal, increase the price, and then put it to shareholders again for a vote for the could have voted yes.

And we got to the vo pieces of information in the last two to go out -- then we got two pieces of information in the last two hours.

They said they are totally against carl icon's proposal.

His financing has too many conditions and they do not trust that he is going to see his alternative through.

And then we have silverlake and a michael dell.

We have reports that they have no intention of their offer.

That's, of course, has been the major question mark.

What is the most likely outcome?

How is it that the deal gets voted down?

It is interesting because if you actually look at it from a purely numerical standpoint, karl does have the upper hand.

Remember, he has the shareholders that have said he -- they would support him.

That sends his stake up about 20%. that means they could vote in favor of their plan which is essentially voting down michael dell loss plan for now.

You have michael dell who cannot vote his shares.

All carl i cahn and his supporters need is another 20% to 25%. that sounds like a lot.

Right?

It is a lot.

But remember, michael dell needs 42%. all right.

Well, i know you will keep us posted on the next twist or turn.

Cristina alesci, thank you so much as always.

At&t is joining its competitor, t-mobile, in offering no- contract plans that let users upgrade phones aster.

It also lets customers pay for new phones and tablets with monthly payments.

My next guest says this is a win-win for customers and carriers.

He is deep president of the collaborative.

He joins me from chicago.

--he is the president of the collaborative.

He joins me from chicago.

How big is this?

It has the potential to be a big deal for those who upgrade often.

Is this a big but to t- mobile?

I think the fact that t- mobile got out ahead of the news and was the first to launch a plan of this nature, i think in some ways the fact that at&t came out after t-mobile had a validation of their strategy.

You could say it is good for t- mobile.

What about a verizon?

Do they have to follow suit here?

Do they have no choice?

I think verizon will likely wait to see the response in the plans and the upkeep.

There is a benefit for consumers but also the carriers themselves . essentially what you are doing is paying for your upgrade as you go.

If you were to leave the carrier in month number12, -- month numbnerer 12, 14, or 24, the belief is that this will lock people into a carrier.

How do you see the balance of power shifting between the carriers and the smart phone makers like apple?

Well, i think that is somewhat of a complex question.

I think the smart phone manufacturers such as samsung, apple, motorola, they are fighting to keep rises high.

At the price at which they sell the phone to carriers can range anywhere from $250 on the low and all the way up to $700 for an iphone 5 with more than just average memory.

What we have seen is that the manufacturers are attempting to integrate features that keep their asp's high, thereby keeping their margins high.

As those asp's slip, the power will shift to the consumers and probably the carriers.

Carriers have been carrying very high subsidies for the last probably for to five years.

It is not uncommon to see a carrier with a subsidy.

These plans are designed to shift some of that burden from a carrier onto the consumer themselves.

Ok, so, who wins here?

Carriers or consumers?

Over the long term, consumers win.

We will find at first the asp's will decline.

That means the subsidies decline.

As the subsidies declined, so will the monthly cost of serving.

I would anticipate we will see the average post-paid-data- plan, we will see that cost shift anywhere from 85 dollars to $95 on average down to $50 or $60 overtime.

It will be more common to shift phones midstream say two or three years from now.

That is what consumers like to hear.

Ui for joining us on "bloomberg west." -- thank you for joining us on "bloomberg west." elon musk has a brand-new form of travel.

What are the chances it will happen?

That is next.

? this is "bloomberg west." i am emily chang.

Investors hit the brakes on tesla.

Shares plunged.

The bank says it is worried about the long-term the man for the electric ours.

Tesla shares are still up 218% in the last year.

Speaking of tesla, elon musk announced on twitter that he will release designs next month for a new form of high-speed travel.

He says it could get people from san francisco to los angeles in under half an hour.

The design by august 12 and feedback will be appreciated.

Cory johnson is here me now.

Are we talking like jet son's style transportation routes?

Is crossing the united states?

He is this -- he is discussing let oh new york.

He says it is faster than a speeding bullet train.

-- he is discussing la to new york.

He says it is faster than bullet trains.

He says he is planning another thing.

He is putting the plans together.

The whole idea for this thing by elon musk is probably this kind of vacuum-like pneumatic device.

We will find that when he gives us a details.

A what kind of vehicle would be inside it you are essentially wrapped up in a coffin -- i do not know.

The things proposed in the past were a vacuum-like device for you are wrapped like a coffin and the whole thing is flowing faster than a plane at hundreds of thousands of miles.

Will you be put on that?

I think you would love to put me on that.

I think he has talked about how he wants to -- he is happy to work with the right earners who work fast and without wasting money.

Why tweet it out and as for partners?

Rather than get partners?

I think the idea -- am sure he likes being thought of as a big thinker.

Who doesn't want to be of that way?

As far as a businessperson, his ability to throw out ideas and come up with things is perfectly great.

His ability to generate profit has been a different manner.

I will show you one thing.

The accumulated deficits of the three public businesses -- hey pal, when they sold to ebay, the company lost hundred $82 million.

Solarcity lost $142 million.

Tesla has a $1.1 billion deficit.

You see the worst in everything.

Will be back.

? you are watching bloomberg west for we focus on technology in the future of business.

I am emily chang with the top headlines.

Hoping to get more mobile users, the country is buying 91 wireless.

According to data compiled by bloomberg, the mobile app has nine percent of the customers in china while the desktop program had 82% market share.

The alibaba chairman has ignited a social media firestorm after making comments about china's 1989 crackdown.

Activist have started a petition to urge him to apologize after he said that the former chinese leader acted appropriately when he ordered the chinese army to crack down on the protesters.

He even likens his own decision to choices made by guns.

Apple has launched a new version of its logic pro mixing software.

It has more instruments and more effects for professional musicians.

It also has an ipad interface and a virtual session drummer that automatically plays along.

Logic pro x is available for $200 in the app store.

Microsoft is pushing that u.s. attorney general's office to let it share more information about how it handles customer data request from the government.

The general counsel says in a blog post, we do not provide any government with the ability to break the encryption nor do we provide the government with the encryption key when we are legally obligated to comply with demands, we specify content from our servers in an unencrypted state.

We are joined now here in the studio and i am so glad you are here to translate that for us.

What exactly does that mean?

What microsoft is saying is that we do not give the nsa unfettered access to our data.

What it is also saying is we own the data.

It is unencrypted and we can give to the government in that form.

The past few weeks, the technical argument has raised about does microsoft supplied the encryption key to the nsa.

Does google provide direct access to its servers to the government?

What microsoft is saying here is we have not given the government he encryption keys, however, we have supplied information that they requested.

Is microsoft saying what all the other companies have said?

They are, but there is a key addition here.

Microsoft owns skype.

For many years, it was seen as the untouchable technology.

It promoted itself.

Hackers loved it.

Journalists love it.

It was seen as immune.

When microsoft bought the company, the most interesting thing was when microsoft said we bought skype, we pull that data in-house, that data becomes subject to government requests for surveillance.

For skype, that is especially important as e-mail, that is the the same as google and yahoo.

Skype is a different animal.

Microsoft has asked the government for permission to release more information.

I believe google and yahoo have as well.

What other questions need to be answered in terms of how the relationships with these countries -- with these companies work with the government?

I've been asking that myself.

It is unclear.

If they are strange request.

They have released broader ranges of numbers of requests they have released from the government.

I am not sure what else they would say if they got clearance.

They're not going to give the names of the people being investigated.

They might give the nature of the investigation, perhaps.

But i'm curious to see what microsoft would even diebold if they got clearance or google or these other companies.

The thing to remember is some of these companies use them almost as promotion.

Now that these links out there, they are able to say, hey, we only granted 500 of these requests.

We have hundreds of millions of users.

We did not give unfettered access.

In a reverse-logic kind of way, companies want to share more about this in a way to say that we not just give carte blanche access to government.

A weird way to think about it.

It is.

We will keep following the story as always.

Thank you for breaking it down for us.

I appreciate it.

One of the biggest decisions many entrepreneurs have to make is when to sell the company.

It is a hard choice, but my next guest says the answer is simple.

He is the cofounder of a foundry group, a firm that invests in early-stage companies.

We have been talking about this a lot today, especially on the one-year anniversary of marissa mayer starting at yahoo.

She has made a lot of acquisitions.

A lot of companies have sold themselves to her.

When is the right time to sell?

It is simple.

It is inappropriate for venture capitalist to determine what i company is sold.

If the founder wants to sell, that is the time.

If the venture capitalist not agree, they need to provide substantial information to the capitalist.

These new teams coming in and getting to work on yahoo products.

The company's perspective, the smaller companies, and they go into a bigger company like yahoo, what is the likelihood that they end up being happy?

How often does it work out that they stay for the long-term?

That they become personally invested in this new company they just joined?

Actually, a lot of times they do.

If they are bought by the right partner and given the resources to expand their vision in a way they were not able to do, some of these marriages work quite well.

Or do you think this is a good strategy?

-- do you think this is a good strategy?

I figured he change yahoo's culture and innovation is to bring in innovative people.

The best weight to do that is required good startups.

Earning two trends you are seeing out of their re, there is an interesting stat that social media companies attracted just two percent of venture capital last quarter.

What does that mean?

That the social media wave is over?

No.

it is not.

I think social media right now might be a great time to invest.

I think there are two things.

There is a lot of behavior following behavior.

There is plenty of innovation (spaces like healthcare and education for social media.

We may be stuck in a rut where there are a lot of people doing the same things.

There is room to invest in more social media companies.

You say that d.c.'s tend to follow rather than lead.

Shouldn't venture capitals be smarter than that?

They should.

Like most industries, there are a few leaders and a lot of followers.

When you're on the cutting edge, you are so going to have a leader-follower distinction.

The ceo of bonobos recently joined us here to talk about a blog post that was controversial.

He said that 98% of venture capitalists are dumb.

Others have responded to that and said that is not the case.

Where do you fall in that debate?

I like his article as far as being provocative and starting a conversation.

I do not know if the dumb is the right issue.

Like anything, half of the people are ok and there is a few people who are great.

I do not think the venture capitalist industry is immune to having both.

I think the intentions of venture capitalists are good even if his experience has not been the best.

What are you doing to make sure that you guys do not turn out to be dumb?

What trends are you leaving out there?

What are you seeing?

I do not look for trends.

We invest across a whole bunch of industries and sectors in things we think have a 20-year or 10-year life span for growth.

That is the way we are trying to do it.

Any thing you would single out right now?

I think human-computer interaction is a team that has tons of innovation.

Anything from touchscreens to drones to 3-d printers.

We had a nice exit.

We are on the cusp of what that produces any next 10 years.

The managing director of the foundry group.

Thank you for joining us here today on "bloomberg west." thank you.

Sports channels are the most expensive things on the dial for cable companies.

How can comcast and time warner cable getaway for paying less for things like espn?

We explain next.

? this is "bloomberg west." i am emily chang.

Another win over the broadcast networks.

Today, a federal court declined to comment that aereo does not break copyright law.

They have bowed to shut it down.

So far, they have not been successful.

Cable and satellite television providers have complained for years about the high cost of sports programming.

Sports generals are generally the most expensive thing on the dial because people watch sports live instead of recording and watching later.

Now cable providers are fighting act.

While audiences for prime time sports are smaller, the viewership has remained consistent for one decade.

What does this mean for the future of sports programming on television?

Cory johnson is back with more on this story.

Interesting stuff.

I am joined from los angeles.

His company has been involved in lots of stuff, including negotiation of television and radio rights for the los angeles dodgers, the miami heat, franchises like that.

Is this different?

I've been hearing whining from the cable providers for decades about the cost of programming to they keep buying.

I do not think it is any different.

This is the usual back back and forth that we see between the cable operators and the networks.

It is unfortunate, but the reality is that sports is not getting any less popular.

In fact, what we are saying is that entertainment programming is becoming more and more ubiquitous and only sports, really, is there to be consumed on a live basis.

If you are running a linear live programming network, sports is incredibly important to you.

If you are running a multi-- channel distributor, cable company or satellite company, you have to have sports programming.

That is the reason that people really subscribed, very much, to cable, because you can get the non-linear programming a lot of other places.

Let's talk about -- the netflix effect, the game is tonight, the home run hitting contest was exciting.

Maybe a dark horse candidate, you know, sky shot yesterday.

Introducing some up and coming stars.

I wonder thomas is a baseball in particular an attractive sport because it fills so much time that cable providers can sell 182 ads against unlike any other major sport?

I do not think baseball is unique in that way.

It is unique in that it occupies a part of the year when there is not a lots of other programming, at least other live sports programming.

The nba, the nfl, nascar, on and on and on, those are incredibly important franchises, branded programming.

They deliver incredibly large and reliable audiences.

I wonder also about the demographic.

We cover a lot on bloomberg west.

It is creating new more targeted demographics.

But the big demographic, women who dock -- women who do not watch sports but are paying for it, i wonder how much that argument starts to gain residents with the cable companies know that they have new ways to measure audience?

I think as there are new tools, the arguments will morph somewhat.

But this is not really anything new area the distributors -- this is not really anything new.

The distributors have looked at this for years.

The extent that they could make an argument that the audience is too small, they would make that argument.

What they really get into is asking themselves the question, ok, how many subscribers am i likely to lose?

And you do not have to lose very many subscribers for it to be ruinous for your net asset value.

That is the key question.

That is interesting.

I also wonder about the changes.

It seems to me in the last year there has been one massive fundamental shift in that business and it is the los angeles dodgers contract in los angeles for the local game.

The price point came in so much higher that it seems to be creating a change throughout a baseball.

Is that fair to say?

Well, i think that was very much a perfect storm.

You had a very competitive situation.

A very large market.

You had the major cable operator in the market already invested in a regional sports network.

So, you had a really perfect set up for this.

And then you had a team that was emerging from what had been a rocky time of its ownership and it became available to multiple bidders and it really was this perfect storm that propelled the rates high.

You have to recognize that it is a very long-term deal.

And what people like time warner have done here is they have locked in their cost programming on a long-term basis.

That's what they are focusing on.

They know they have to have this programming.

They admit that.

If you have to have the programming, it is best to lock in what it will cost you and then you can run your business better.

Interesting.

Thank you very much.

Emily?

Thank you, cory.

Coming up, have a stack of old vhs videotapes?

Do not throw them away.

We have a solution for you, coming up.

? this is "bloomberg west." i am emily chang.

Are some of your family memories boxed in gathering dust?

Americans are leaving old home movies and photos in garages and basements.

Many companies have propped up to convert these to the dvd format.

What if you could access and share these memories on your smart phone and tablet?

That is the purpose of yes video . a company that turns photos and video into digital files to be shared through the cloud.

They are launching the ipad app today.

This is so interesting because big companies like costco and walmart are outsourcing the stuff to you.

What is special about your technology and the way you do it?

What makes yes video so special is the volume that we handle for all retailers.

We handle probably about 3000 to 4000 videotapes per day.

That is the scale that costco, walmart, and target need the key -- need.

This is interesting for me because i'm a video journalist.

I have stuff on vhs, beta tape, you name it.

Can you fix all of that for me?

We have been around since 1999. we handle everything going back to the 1920's, starting with 8mm film reels all the way to the current formats like mini dv and hi-8. you put it in the cloud, essentially.

How can people get it?

That is what is special.

Customers pay us up for the transfer.

When they dropped it off at cosco, they will pay around $20 to $25 depending on format.

We been transferred.

That is permitted?

Per video tape.

That sounds cheap.

Not.

We are a new propulsion -- a promotion at cosco tickets it down to about $14. and all of this is stored on amazon?

That is right.

Dear think about what happens next?

When you have stuff on vhs, you never thought it would be on dvd.

What happens next?

That is the great thing about our solution.

Once it is in the cloud, than the customer doesn't have to think about it.

It is in the cloud.

They can access it whenever they want.

They can share with friends and family around the world.

I assume things like instagram and online are not good for your business in the long term.

I do not think they are in any way competitive.

I think it is a complementary service.

We are tackling about one billion units of video that have been filmed in the u.s. alone.

We are going after that.

The instagram and vines are focused on new formats.

I think that is fine and complementary.

At about the fact that now everything is being shot on your phone?

I look at this video of your baby.

I shoot my baby on my phone.

I do not need to convert it.

It'd be nice if i can get everything in one place.

Are you doing anything there?

Not yet.

We are building something that will combine the old and the new.

That is what becomes special, being able to combine your baby's birth but you did not shoot in these old formats with the new video that you have.

What is your long-term vision here?

The long-term vision is to become the biggest video hosting company for personal home videos.

Again, created these amazing digital experiences that people can spit -- that people can share and archive with friends and family.

I am going to go home and pack up my boxes and send them off to you.

Interesting stuff.

Thank you, emily.

Now it is time for the bewest byte, where we focus on one number that tells a whole lot.

Digging through yahoo results i found interesting numbers.

Here is one, -1.1 billion.

-- negative -- -1213750000. devin spending on acquisitions and other things.

All of this was lesser than it was six months ago.

Would you say that is a bad thing, cory?

Rex it gives them less leeway.

They will spend more of them.

Maybe the runway it was too long, but it is shorter than it was.

Exit better go right for them.

They will not do like it a problem at all.

Cory johnson, thank you so much.

We will see you back here tomorrow.

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