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Google Fiber Targets Landmark Expansion To Multiple Cities

·2 min read
  • Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google Fiber aims to launch its high-speed internet service to multiple cities in Arizona, Colorado, Idaho, Nebraska, and Nevada over the next several years.

  • Google Fiber CEO Dinni Jain told Reuters that his team finally looked to "add a little bit more build velocity" after over four years of sharpening operations.

  • The anticipated expansion to 22 metro areas across the U.S. from 17 today includes previously announced projects to launch in Mesa, Arizona, and Colorado Springs, Colorado, as per its findings of where speeds lag.

  • The growth plan comes as Alphabet and other companies slow hiring and shutter some fringe projects over global recession concerns.

  • Google took on internet service stalwarts like Comcast Corp (NASDAQ: CMCSA) and AT&T Inc (NYSE: T) in 2010 as the government failed to drive the industry toward faster speeds at lower costs.

  • But Google, in 2015, separated its core business from other bets such as Fiber.

  • Fiber had to reduce its hundreds of millions of dollars in annual losses toward construction, experimenting with new ways to ground fiberoptic cables and subsidizing some services.

  • Fiber over the last few years minimized expansion to West Des Moines, Iowa, and within existing metropolitan areas.

  • Fiber will continue to pursue wireless service, through its Webpass brand, for multi-unit buildings, Jain added. In some cases, it will lease local fiber networks from other providers.

  • The global fiber optics market will likely be worth $11.18 billion in 2030 and register a revenue CAGR of 9.3%, Reuters reported.

  • Price Action: GOOG shares traded higher by 0.2% at $120.89 in the premarket on the last check Thursday.

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