The AMZN stock price was trading at $113.83 in the pre-market at 08:17 AM EDT on Thursday.
Amazon (NASDAQ:AMZN) said that Project Kuiper satellites will launch on the brand-new Vulcan Centaur rocket in early 2023. This is part of a United Launch Alliance mission to test how well systems work in space.
The company says that Project Kuiper was made to bring fast, cheap broadband to places around the world that didn’t have it before. People think that the planned prototype mission will help the project reach its goals even faster.
The Kuipersat-1 and Kuipersat-2 satellites will be finished later this year and launched for the first time in early 2023 by United Launch Alliance’s new Vulcan Centaur rocket. The rocket will take off from Florida’s Cape Canaveral Space Force Station along with the prototype satellites and the NASA-funded Peregrine lunar lander made by Astrobotic. The prototype mission will help Amazon (AMZN) figure out how the different parts of the satellite network work together by adding data from space to the results of a lot of lab testing, fieldwork, and modeling.
To keep up with the ambitious deployment strategy, Amazon (NASDAQ:AMZN) and its partners in the US and EU are investing in new manufacturing and launch infrastructure. Project Kuiper is still in progress even if Amazon (NASDAQ:AMZN) is canceling additional virtual experience projects. This is consistent with a trend of reducing the scope of costly initiatives.
Bloomberg says that Amazon Explore, a program that gives digital vacation experiences, is the most recent thing to be taken off the market. When the service first came out, in the middle of the pandemic, customers could take virtual tours of well-known tourist spots.
Also, the company recently said that its “Glow” video device for kids would no longer be made. The Seattle Times says that as the digital juggernaut reevaluates how it spends its money, as many as six businesses may shut down soon. The business has made the decision to stop its home delivery robot program.
It wasn’t made clear how the budget cuts would affect the company’s headcount. A recent announcement by the corporation to hire 150,000 people for the holiday season was made elsewhere.
AMZN Stock Price Forecasted
As argued on Motley Fool, over 32% of AMZN stock has been lost so far this year. Even if the company’s e-commerce sector has been negatively impacted by supply chain issues and inflationary pressures, as well as its investment in Rivian, an electric vehicle player, the company’s growth story still has a lot going for it.
The continued consumer slump has an influence on Amazon’s retail business, but the company’s Prime loyalty program, which has more than 200 million members globally, continues to be a crucial differentiator. Amazon Prime subscribers are encouraged to spend more money on their services; in March 2019, U.S. Prime subscribers spent $1,400 on the website compared to U.S. non-Prime subscribers who spent $600. Finally, Amazon is ready to use its Prime membership to increase its footprint in the digital advertising market. According to eMarketer, in 2023, the corporation will control 14.6% of the U.S. digital ad revenue.
Featured Image- Megapixl @ Josefkubes
Author Jowi Kwasu