Alphabet Shuts Down a Much-Hyped Moon Shot
Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) has finally let the air out of one of its moon shots. In a blog post this week, Alphabet announced it was winding down Loon, saying that the path to commercial viability "is longer and riskier than hoped."
Alphabet's ambitious project to provide wireless connectivity to rural areas using a network of high-altitude balloon satellites was one of the higher-visibility projects in its "other bets" portfolio. Shutting down the venture is proof that the company is getting serious about controlling costs.
Don't look for any of Alphabet's Loon high-altitude balloon satellites anymore. Image source: Getty Images
Source Fool.com
