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tv   Whatd You Miss  Bloomberg  July 25, 2019 4:00pm-5:00pm EDT

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as we had the close, dow 5/10 of a percent, central banks in the headlights, we have numbers affecting the nasdaq in terms of what test was up to. outlet: ford also coming with numbers. that was a drag on the s&p. s&p and nasdaq retreating from record highs. dow falling for a second day. more earnings to come. positive things i will leave you with. twoid have two ipo's, relatively successful ones in health care up caroline: about 60%. caroline:confirmation of a deal that bloomberg had been talking about. apple will i the majority of intel's smartphones. this is an area that intel was winding down, apple taking it down, may be looking to compete a little harder with qualcomm.
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transaction valued at $1 billion. romaine: we are going to get intel's earnings, after the bell here. muchan see apple, not after hours, but we will get more from intel with regards to earnings. still with us is chad morganlander. atrlet: second quarter eps 522. missing the estimate of 556. net sales, higher than anticipated, which was $62.4 billion. amazon web services, net sales $8 billion. less than anticipated. outlook, net sales for third quarter, $70 billion. looking for $67.2 billion. third quarter net sales is important, because it encompasses the prime day sales, which according to amazon, was better than its black friday and day after christmas combined. caroline: amazon says prime day,
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which continues to set records in advertising, also alphabet watching. quarter revenue, $31.7 billion. that is a beat for alphabet. a sigh of relief after the last quarter, when we saw shares tumble. scarlet: they had to make good on this quarter. if you look at that, it is eating the highest estimate out there as well. they did good on that. dropping 11%,ies better than anticipated. paid clicks on google rose 28%. there were looking for a 43% increase. eps overall, 1421. for $ we will have to check on that. caroline: it does feel like the market is up after hours when it comes to outset after all.
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it seems they did not live up to expectations. romaine: they are missing a little on those estimates, but we are talking about double digit growth on the revenue side. 30% growth for amazon web services. what are thedering expectations that investors have? these companies are still growing, so i guess they are not the phenomenal growth rates over the past 3-5 years. thate large-cap tech names you just mentioned are growing at the microsoft of the world at ,ouble digit topline growth which is defying the law of numbers. continuing growth for s&p 500, critical drivers. if you see a deceleration of global growth. underweightmending
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growth stocks in relation to large value stocks. that doesn't mean you should eliminate it from the portfolio. a lot of these names are priced at this point. romaine: so you're not a fan of this cyclical trade we have been hearing folks talk about? saying it is time to get back into cyclical. >> in regard to cyclical valuation, the valuation we think a global growth backdrop at 2.25% in 2020, do make sense from a valuation perspective, but overall, you want to stay away from the cyclicals that have been financing purchases by leveraging balance sheets. you want to stay in cyclicals, they have very little debt, and eight verse fight tucked as a client base. scarlet: how do you think about these results?
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are these standalone companies that can sustain 16% revenue growth. advertising revenue up 16% year on year in amazon's case. services up 30% year on year. or do they tell us something more about the economy? particular can be a very volatile stock. think you can take too much weight from one days action. , that growth-term is hard to see disappearing in either one of these names. you alluded to this a little bit. to me, there seems to be this tension between investors seeming to be happy, they just don't know where that leadership is. should they get into utilities, that are at 20 times earnings for the first time? caroline: or on the consumer,
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which is what we see with starbucks. scarlet: third quarter adjusted eps, $.78, beating the estimate. comparable sales rising 6%, higher than anticipated. starbucks raises its forecast as well. this is a reflection of the global consumer. intel second quarter revenue coming in at $6.5 billion. at $1.06 peres share. seen $69 billion and the estimate was for $68.5 billion. guiding slightly higher than before, but higher than the revenue forecast just a couple of ticks above the consistence -- consensus estimate. caroline: intel has been in the line of fire when it comes to trade, to overall chip anchors.
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up 7%, the stocks have been on a tear. scarlet: record high yesterday. let's go back to the question mike posed about leadership in the market. >> this is the toughest question that i have to answer. if you believe the global interest rate curve, where you have negative interest rates and the two-year bond in germany wantng negative, then you to be in high-quality investments, where i know, not utilities may be, but consumer staples, health care, you can find some industrials. we are placing our bets. it is a bifurcated market. you have the tech names in the industrial names that will continue to move forward, then you have the have-nots, which you are seeing from and earnings per share basis, as well as
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revenue basis, funds are performing and will continue to underperform as long as global growth continues to decelerate. caroline: it's interesting that we have consumer companies coming out. mattel, the toymaker is coming out with a second quarter loss per share at $.31. clearly still seeing a net loss. adjusted net loss of $.25 per share. the estimate is a bigger loss. the target has reached ahead of schedule. this has managed to turn itself around. romaine: this is interesting. i post this question. is the bet and you talk about the economy -- are you going to make this bet on consumer spending, or we saw people ,amping out in software stocks that that is going to be the protection as we go through the next couple of years, or is there a mix of the two we should be looking out? >> you have to do a mix. consumer spending seems to be
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robust in regards to the united states. it is not on fire, but it is moving forward at a nice trajectory. if you have global growth that is slowing down because china's credit growth is nonexistent, then you're going to see global growth slowdown, global trade slowdown, which will have an effect on s&p 500 revenues as well as on earnings. that will have a massive effect on the curve, which will have a feedback loop on the financials. you can't hide in financials, because interest margins are going to be disappointing. scarlet: thank you so much. and mike reagan, thank you for asking the smartest question this afternoon. >> first time for everything. scarlet: let's recap earnings starting with amazon. caroline: is falling after hours, the key one sticking out. net sales did better than expected. third quarter net sales look strong in terms of their forecast.
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it is the amount they are bringing in terms of profitability that is the worry. operating income will be $3.1 billion. estimates of more than $4 billion, and earnings per share missing overall. tomorrow, we have got a growth driver of amazon web services. the market was at 39. scarlet: alphabet comes roaring back after a disappointing first quarter with revenue. it comes back with revenue and you back out the acquisition costs paid to other companies billionle, with $31.71 in sales, up 21%, beating the highest estimate. upwth -- operating margin 24% versus 18% last order. that is doing better. romaine: intel is obviously one of the worst performing chip stocks on the year. across every metric in terms of
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revenue for the quarter, forecasts for fiscal full-year revenue, even margin coming in, it did drop to about 61.6%. that is well above the 59.6% estimate. scarlet: alphabet is going to be buying back up to $25 billion of class c shares. that does it for the closing bell. taylor riggs is stepping in. we will dig into these earnings further, and we have a conversation with secretary of state mike pompeo. this is bloomberg. ♪
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caroline: live from his headquarters, i am caroline hyde. slew of big earnings after the bell. amazon is lagging, off 1.9%. net sales looking good. -- operating income will be $3.1 billion, the estimate was more than 4 billion. alfa bank -- alphabet was killing it. they will be buying back shares and beat net sales and profit. a nice move in the other revenue. intel, athen you have big chip maker. they are guiding higher for the third quarter and the full year. they beat on second quarter revenue and starbucks reported fastest cell growth they have seen in about three years.
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that is largely because of the higher traffic and they are boosting full-year outlook to about 282 per share. that is from a range of 275. taylor: we are going to stick with these earnings. i want to bring in bob o'donnell, chief analyst at a consulting firm. thank you for joining us from san francisco. i want to focus on amazon, because those shares are declining among what has otherwise been positive news. we were expecting a margin hit, given we have been investing in that one day prime. investors seem more caught off guard then we would have thought. are the margins worse than we expect? >> i think they clearly are and you are right. the issue is going to be around the investments they have to make on building out their own logistics empire. shipping, doing more
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of buying airplanes and trucks to deliver packages on their own to get to that one day shipping. that is a big investment. the question is, how sustainable is that? how big of an impact does that have on their margins as they look to bring this to other countries around the world? how sustainable is that? these are questions that people have and it is not clear how long it will take for that to shake out. romaine: talk to me about competition. as someone who uses amazon, i have noticed over the last year, there are a lot more reliable options delivered to my home that didn't exist four or five years ago. >> you are right. there are plenty of options. interesting side story of my own, having purchased something that i thought was going to come in one package with five different packages in one day from the same order, they were all the exact same thing. very odd. clearly, there are ways to
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improve the details of the logistics. every buddy is primed -- sorry for the pond -- to deal with amazon in terms of trying to make themselves competitive. we have seen efforts from online vendors, traditional makers. everyone knows what they have to do to step up their game to compete against amazon. despite the fact that we have heard rumbling about how they have destroyed retail, there is more to the challenge and just amazon. companies are getting smarter and how they try to address it. there are a lot more challengers and more efficient ways to do it. does the company really want to invest in becoming a logistics giant? that is an interesting question long term. caroline: let's switch to look at alphabet. another thing under regulatory scrutiny. one that is now calming investors fears when it comes to the juggernaut that is the other
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side of the business. they seem to be able to keep on delivering and grow the other parts of the business. >> the added business clearly was poised for a turnaround. we saw that. there are questions on the youtube side, of what happens and how to the potential regulations or changes impact youtube. other bets are always the fun thing to watch. total revenue numbers are significant a smaller, but google cloud business has been growing, making some aggressive efforts within that area. they are making more aggressive efforts in the branded hardware business. they do face challenges around waymo. we have seen what happened with cruz pulling back. a lot of challenges we will see with tesla and autonomous car is in general seem to be slowing down to a more realistic pace, which means we are not going to see waymo revenue for a while.
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those will be tough to watch, but google cloud will be important and it will be interesting to see what they do with their hardware. taylor: you mentioned google cloud a few times. i keep hearing it is not a zero-sum game, that there is room for amazon, for microsoft, for google, where they can all grow, gain market share and benefit, given the increasing spend on cloud business. is that true? doesis a zero-sum game or google need to create more demand for their product? >> from a competitive perspective, google does need to create more competitive offerings and they have done some very interesting technology development. they have an offering that lets people move from cloud to cloud more easily, which is a way to move from amazon to google. you are right and that you have to remember, we hear about the cloud all the time and we know cloud business is big, before
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traditional business, only a small portion of the computing they are doing is happening in the cloud. there are plenty of opportunities. that is why intel, tying back into intel, they have got strong growth in their data center business. romaine: talk a little about intel. only about one minute left. in addition to raising, they said they would sell off the smartphone business to apple. how do you think this repositions the company? >> the mode of business was money-losing -- they made an investment, they are getting rid of it. they lost money in the process. i think it is good for both sides. the bottom line is, that data center business to drive cloud computing across those platforms is going to be significantly important. we are seeing the pc business come back and that's a big part of intel's business. despite the increased
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competition from amd, we have intel and amd doing well. another market where there is need for growth for both of those companies. taylor: thank you. that was bob o'donnell, president and chief analysis at o'donnell research. coming up next, a company is performing the s&p and indexes. will disappointing results this morning change the outlook? don't miss our, interview with u.s. secretary of state mike pompeo. this is bloomberg. ♪
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romaine: youngest s&p 500 ceo not named zuckerberg's outperforming s&p and the real estate index. he runs chemical realty with interest in 430 shopping centers
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around the u.s. and puerto rico. the company did report earnings this morning. he did miss expectations. here to talk about what is going on with the company, thank you for joining us today. you are halfway through some long-term plan to reduce leverage, reshape the business. i would think being a mall owner has to be difficult in this day and age. goal that youin have to continue the profitability, boost the cash flow? >> being a large shopping center owner, we don't have department store risk. that is one of the benefits of where he said today. we have gone through a transformation of the portfolio. we saw the tide was changing, they started to sell off and focus on the top 20 in the country. that is where he saw a balance of supply and demand and we benefited from it as we raised guidance for the second time
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this year. our occupancy hit a all-time high. taylor: taking a look through company filings, some of the large companies we talk about depot,.j. maxx, home these companies have managed to do well. as we face the end of a cycle, as the economy starts to turn, how insulated are you from what could be a drop in consumer estimate or what has otherwise been a good economy. how do you protect yourself against that? >> we are a very defensive play. we offer goods that are necessity based, so typically, our shopping centers are anchored by a grocery store or an off-price like t.j. maxx. you have got to be good at value, convenience and experience. we see that as the sweet spot of retail. as we enter late into the cycle, we put our balance sheet and a good place, our portfolio in a great place, occupancies hitting
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all-time high. we have below market leases which allow us to hit cash flow. caroline: how many starbucks do you have? >> over 100. caroline: starbucks killing it today. how do you get the mix right in terms of offerings, food types, beverages and enjoyable shopping experiences? >> merchandising mix is one critical aspect of driving traffic during the day. you want to create this live, work, play atmosphere, where people are coming for coffee or a bagel in the morning, then have great quick service restaurants during the day, then t.j. maxx or others that people love, the entertainment component. you want to pick the best in class of each category, then have them all mixed together. that drives cross shopping, it allows you to enhance each other. romaine: it is interesting, the way malls have changed. you do not have the anchors you used to. you have pop-up stores, online
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stores that use it as advertising. are you embracing that, or do you think it is all about having starbucks and the anchors? themni-channel is really new normal in retail. that is deq os and the physical break and mortar enhancing each other. they has been published research that shows what they call the halo effect, when they open a physical store, e-commerce sales pop by more than 50%, and when they close a physical store, sales fall off a cliff. there is this tethering effect, whether it is brand awareness, convenience of returns, retailers are enhancing physical brick and mortar. caroline: thank you. coming up, and interview with u.s. secretary of state mike pompeo. this is bloomberg. ♪ we're the slowskys.
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we like drip coffee, layovers- -and waiting on hold. what we don't like is relying on fancy technology for help. snail mail! we were invited to a y2k party... uh, didn't that happen, like, 20 years ago? oh, look, karolyn, we've got a mathematician on our hands! check it out! now you can schedule a callback or reschedule an appointment, even on nights and weekends. today's xfinity service. simple. easy. awesome. i'd rather not. mark: i am mark crumpton with
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first word news. fbi director christopher wray is that hacking attacks against u.s. political campaigns and election systems may only increase heading into the 2020 elections. ray told a conference in new york that he was -- that tools and services sold on the dark not have become more widely available. he added, i know our advertise series are real and less, so are we. the u.s. secretary-general is concerned about north korea's ballistic missile launches. a spokesman says he wants talks between the united states and north korea to begin quickly. last month, president trump and
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kim jong-un agreed to further talks at their meeting in the militarized zone between the two koreas. british prime minister boris johnson has called on the european union to rethink its refusal to renegotiate the brexit deal as he pledged to throw all his energy into making sure britain leaves the block on time. addressedster johnson a rowdy session of parliament for the first time since becoming a leader. >> this government, is clearly on the side of democracy. that is on they side of the people who voted so overwhelmingly in 2016. mark: the prime minister added, i hope the eu will be equally ready and able rethink their current refusal to make any
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changes to the withdrawal agreement. if they do not, we will have to leave the u.k. without an agreement. the internationally atomic energy headquarters, a moment of silence was held for the director who died last week at the age of 72. the japanese diplomat led the firm for a decade. he was involved in negotiations over iran's nuclear program and the cleanup of the 2011 nuclear disaster. also today, the un's nuclear watchdog appointed an iranian diplomat as acting director general. global news 24 hours a day on the air and @tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. the risks from iran to turkey keeping global leaders on edge.
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our chief correspondent just wrapped up an interview with secretary of state mike pompeo and started by asking whether the tensions between the u.s. and iran are intensifying. sec. pompeo: it is always important to remember the history. it seems like escalation, but this has been 40 years of melania behavior. britishit was seizing a tanker in international waters or shooting down an american uav in international airspace or assassination campaigns in europe, iran has a long history of malign behavior. our mission when we came in was to create as much stability as we could. we watched iran behave engaging in this behavior. we had a terrible deal the previous administration had entered into that created enormous wealth for the leadership inside of the atomic republic of iran and they were using that wealth in a line
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ways, so we broke out of the deal, put pressure on the regime and we are or sing them to make tough decisions about how they will behave. we want change in behavior from the leadership so the iranian people can get what they deserve. >> how do you get that change in behavior when foreign ministers in new york are saying that the sanctions are going to backfire. how do you get that change in behavior? sec. pompeo: the foreign minister is no longer -- no more in charge of iran then demand in the moon. the ayatollah will be the decision-maker here. he has the capacity to do this activity they are talking about, all the bad behavior and the strength and the malign activity is driven by this leader. those are the two that are the decision-makers. those are the people upon whom we are trying to apply pressure to show them that the cost isn't worth it, to convince them that
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if they behave like a normal nation, the iranian people can live normal lives. >> would you go to tehran? sec. pompeo: if that is the call, i would go there. >> would you appear on iran television? sec. pompeo: i would welcome the chance. i have talked about this before. cerise comes to new york, drives around in the most wonderful city in america, talks to the putican public, gets to iranian propaganda out. i would like a chance to go speak the truth to the american people about whether leadership has done and how it has harmed iran. i think the reason they won't permit that is they know the truth. >> in terms of the economics of this situation, especially as it pertains to oil, the u.s. recently issued sanctions against the state run energy and doingr violating business with iran. are you concerned about other
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nations, potentially u.s. allies, still doing business with iran? the sanctions we have put in place apply to everybody. create wealth for the ayatollah. and the people who are killing others around the world. this happened to be a chinese vessel. we have a good bead on where these ships are moving. we have not seen our allies and partners, they have agreed to cooperate with the sanctions, but wherever we find violations, we will do our best to enforce them thoroughly. >> speaking of sanctions, senator lindsey graham saying in the last few hours defending what he called the turkish foreign minister and said if you don't activate the as/400, sanctions will not be applied. is that the position of the administration? sec. pompeo: i am not going to
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talk about internal dilbert rations. everyone is working to do our best. have made it clear that the activation of the s 400 is on acceptable. we have already taken the action of curtailing the f-35 program that was an important part of what turkey was doing. there could be more sanctions, but what we would like is the s 400 not to become operational. that is what we have been talking about for months. it is simply incompatible with the f-35. they have taken delivery of some components today and we are urging them to reconsider. >> there is so much going on around the world. there are literally hot pockets all around the world within the last 24 hours, the north koreans test firing short range missiles thursday. how does this impact do new there is talks with kim jong-un? sec. pompeo: everyone tries to get ready for negotiations and create leverage. and create risk for the other side. president trump has been incredibly consistent.
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we want diplomacy to work. we want chairman kim to deliver on the promise he made to denuclearize. i was there the day they signed the document. i have had chairman kim tell me this no less than half a dozen times. we remain convinced that there is a diplomatic way forward. we look forward to the opportunity. chairman kim told president trump he would send his working team to negotiate with ours. it will be in a couple of weeks. everyone has got to get schedules right. more importantly, if we wait to make sure we have enough conversations so that there can be productive dialogue when the teams get together, that is the real objective. if it takes us two or four weeks, so be it. >> and the situation we alluded to china, but protest in hong kong, the hong kong authorities have rejected requests by protesters to take the streets on saturday. are you concerned about china's military intervening in hong kong? sec. pompeo: the president
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captured it right when he said that we need china to do the right thing. we hope that they will do that. we hope the protests will remain peaceful. we think that is important to avoid violence wherever there are protesters. we always think that is in the world's best interest and it is the case here. >> it is so interconnected with china, whether it is north korea or u.s. trade talks, just this week with boris johnson, i saw what you tweeted out this afternoon, hoping that you will be able to work with boris johnson on u.s. initiatives. i am curious if you think that his government and his policies will be perhaps more in line with the trump administration on something like huawei. sec. pompeo: only time will tell. i spoke with my counterpart just a couple hours back. briefed andgetting
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making sure he is ready. we talked about the importance of these two democracies working together. therek we will find that is good working relationship there. we already work together on most things. we worked together on segments of the iran file. everybody talks about the differences. they stayed in the deal, we got out. there are large pieces of the pressure campaign against iran that the united kingdom understands and there are a lot of places we work together on making sure ships are secure. i am confident that we will work together. shareare places where it overlapping values, and i am looking forward to it. when you pry minister get his feet on the ground, i am looking forward to chatting with him to deliver on behalf of these two important markers he's. >> in terms of these sanctions and the specific targets, earlier today, it was announced
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that there were penalties against and venezuelan for corruption in maduro's regime. why was that important? we add to the list of individuals in venezuela who are sanctioned nearly every week. we try to find the right entities, the right people. in this case, it was a group of individuals that we have sanctioned. our aim is clear. the first principle there is maduro is not the duly elected leader. theret maduro to leave so can be free and fair elections with the ultimate goal of ensuring that there is democracy and freedom. for that to happen, the cubans have to leave. you can't have a couple thousand cuban intelligence officials running the security apparatus and have the venezuelan people flourish. that is our mission. these sanctions are not aimed at
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the venezuelan people, but at benefiting them. >> american companies have interests there and security risks there. chevron has been in venezuela for 100 years. they have got a waiver that could expire. you have to make a decision onut whether it will expire saturday about whether to partner with venezuela's oil company. can you give us any inkling as to what that decision will be? sec. pompeo: no, the president will ultimately make an announcement, but i have been part of the conversation. here in the next few days, you will get a chance to see what the president decided. remember, come back to the first principle, we are trying to ensure that there are not wealth and resources getting into the pocket of maduro. that is the objective. where we make a decision on a license or particular sanction or particular designation, those are aimed to support the
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strategy, which is the ultimate begin for our direction. >> my final question, i would be remiss if i didn't ask you, there is a lot of speculation about your political future, perhaps i will be interviewing u.s. senator pompeo. is that a title you would maybe like to have one day sec. pompeo: i am happy doing what i'm doing. the speculation is coming from places other than me. i am secretary of state and i am very focused on that. that was u.s. secretary of state mike pompeo speaking with kevin cirilli in washington. a great conversation ranging from venezuela to north korea, some of the iranian comments struck me, how mike pompeo said he would be willing to go there and talk to the people to explain u.s. policy. he likened it to how the iranian foreign minister had come here when he was in new york,
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speaking about iran's position. certainly, like kevin said, so many different hot button issues. that could have gone on for 20 minutes. romaine: i think it was interesting he singled out the idea that the decision-maker is the ayatollah and whatever sort of agreement is going to be worked out is going to have to rest with him. caroline: turkey as well, sanctions possible. notable after the dramatic central bank move today and hong kong high on the agenda. the protests should remain peaceful says mike pompeo. let's take a deeper dive into technology reports. emily chang has just got off the phone with key executives. joining us now from san francisco, give us the key takeaways. >> the key takeaway is alpha that has had a comeback quarter. we saw ad revenue growth slowdown and the company did not have a great explanation as to
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why. this time, we saw ad revenue pick up a little bit and a big beat on overall revenue. i just got off the phone with alphabet ceo, and she told me, we are focused on properly investing to support growth across the business. we see real strength in other income and expenses, which includes capital at google ventures, given the ipo's that occur. that is the first time, to my knowledge, that she has singled out these start up investments that alphabet has made. we know the ipo's that have happened over the quarter that they have invested in our uber and lyft. if you look at the other income line item, that doubles during the quarter to almost $3 billion, largely in part thanks to big ipo's for uber and lyft. taylor: in the midst of this, there have been so many headwinds coming from the antitrust probes. we heard from facebook yesterday
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announcing another investigation , settling privacy, going into antitrust. as google and alphabet head into antitrust, how big of a win is this? emily: the doj has announced a broad antitrust investigation. they have not been specific about what companies, but the language indicates that facebook, alphabet and amazon would be in the crosshairs. we try to ask this question three times, we didn't get a straight answer, but she did say the doj has opened a big review -- a broad antitrust review into big tex. we expect it to be a broad review. she also talked about how they have been engaged with regulators for quite some time. we have in clear, we support changes in regulation, international tax law, to name a couple. she indicated that, as they continue to grow the business, they have always been engaged with regulators, dealing with
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regulatory issues around the andd in a variety of areas, the next few quarters will be no different. romaine: obviously, the cloud business, well talked about across the industry. google in third behind amazon and microsoft. they had that big acquisition announced a while ago. haves it given you any sense of what their plans will be in regards to cloud? interesting,is given that they did have a ceo changeover. they have replaced her with thomas, and as you point out, google has been number three. though it still growing for quite some time. the question is, especially given the antitrust scrutiny, would google be interested in acquisitions in the cloud. she said, we are open to acquisitions where they make sense. there is a lot we are doing organically and we are excited about the opportunities.
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she is certainly focused on the opportunities for growth that google has ahead of it. incremental opportunities, off-line advertising. she did say they would be open to acquisitions and specifically in the cloud business, should good opportunities arise. that was bloomberg technology's emily chang. we are getting some more comments from the ceo on the earnings call, talking about that cloud revenue that emily highlighted. cloud revenue over $8 billion. they plan to triple the cloud salesforce in the next few years, and have recently added key clients, like vodafone and keybank. a lot of their growth driven by youtube cloud and mobile, and on a fun note, they will be sponsoring the 202011 games, which begins exactly one year from today. we will have more in next. this is bloomberg.
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romaine: earnings after hours, we talked about amazon and alphabet, but we also got expedia earnings after the bell. they beat on most estimates. largely, this is because of gains in vacation rentals. expedia is trying to expand away from doing hotels, into the airbnb style rentals. they did say they are going to continue with back that appears to be giving the stock a boost. we have an enterprise software company on a tear, because everyone sees this as a seismic shift. on the a percentage point.
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overall, first quarter revenue somewhere around $353 million. these are fourth-quarter numbers coming in at $334 million, up 37%. they see and earnings per share for the full year 2020 at one dollar. taylor: mgm up 6.6%. they have big exposure to macau. 25% of revenue comes from china. a slight feed on the top line, but confident of achieving their 2020 target of an even 3.6-$3.9 billion. you are seeing shares there in the market. significant growth in free cash flow. i could talk free cash flow all day. allline: i can talk coffee day long, because fastest sales growth in three years for starbucks. romaine: the last couple quarters, they talked about how
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to get new product out faster to the stores. and you go into starbucks now, there is always something new. you so that reflected in results. not only are they charging higher prices, but traffic went up. taylor: we spoke with connor kim, who focuses on those open-air malls. we talked about how there were over 100 starbucks in their locations and highlighting what a stable company that is and something that people go to constantly. like you said, this is a company that proved the consumer is very happy when it comes to buying other coffee drinks. caroline: very happy when it comes to cold drinks apparently. the temperature rising, products like nitro cold brew rising. taylor: we will have much more. this is berg. ♪ -- this is bloomberg. ♪
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caroline: just had an earnings blitz. tomorrow, the earnings continues. twitter reports second-quarter earnings. taylor: i am taking a look at economic it up. u.s. gp comes out 8:30 p.m. eastern. romaine: donald's reports its second-quarter results before the market open. caroline: that is all for this episode. taylor: bloomberg technology is up next. romaine: have a great evening. this is bloomberg. ♪ i don't know why i didn't get screened a long time ago.
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so why didn't we do this earlier? life line screening. the power of prevention. call now to learn more. i am emily chang in san francisco and this is "bloomberg technology." coming up, alphabet advances, shares a spike after the tech giant says it managed to keep at business growing study. i spoke to alphabet cfo about how they keep it up in the midst of rising antitrust scrutiny. we will tell you what she had to say. plus, amazon falls. shares tumble after the company reports profits missed


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