Alphabet's Balloon-Powered Internet To Benefit Puerto Rico
Zacks Investment Research | Oct 08, 2017 10:55PM ET
Alphabet Inc. (NASDAQ:GOOGL) has received Federal Communications Commission’s (FCC) nod to fly giant balloons over Irma and Maria affected Puerto Rico to bring back wireless service in the island.
According to FCC, on Friday, 83% of the island’s cell sites were conked out, only slightly down from 84.6% the day before.
Per a Wired report, the tech giant has got approval for 30 balloons in Puerto Rico and the US Virgin Islands for up to six months.
We observe that Alphabet has gained 25.4% year to date, outperforming the S&P 500’s rally of 13.7%.
Project Loon at Rescue (Again)
Project Loon is Alphabet’s Internet project that utilizes high-altitude balloons to offer affordable Internet access around the globe to people without any access. These balloons have the capability to travel approximately 12 miles above the Earth. Using software algorithms, Project Loon sets the destination of the balloons depending on the wind.
Alphabet Inc. Revenue (TTM)
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