Amazon Moves Forward With Satellite Internet Ambitions, Secures New Zealand Land for Project Kuiper
Portfolio Pulse from Anusuya Lahiri
Amazon has secured regulatory permission to acquire land in New Zealand for Project Kuiper, its satellite internet initiative. The project aims to provide global broadband coverage with over 3,000 satellites, similar to Starlink. Amazon plans to launch satellites by 2024 and start customer tests in 2025. The company reported a 10% revenue growth in Q2, but missed analyst estimates. Amazon's stock has gained 27% in the last year, with a 30.6% upside expected by 2025.
August 29, 2024 | 11:54 am
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Amazon's Project Kuiper advances with land acquisition in New Zealand, aiming to launch satellites by 2024. The project could enhance Amazon's service offerings and market position in global broadband. Despite missing Q2 revenue estimates, Amazon's stock has shown strong growth.
The acquisition of land in New Zealand for Project Kuiper is a significant step for Amazon's satellite internet ambitions, potentially boosting its service offerings and market position. The stock's recent performance and future growth expectations suggest a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100