Meta Platforms Inc. (META)

Index:

Nasdaq 100

$ 567.36
   
  • Change Today:
    $-0.48
  • 52 Week High: $570.84
  • 52 Week Low: $288.35
  • Currency: US Dollars
  • Shares Issued: 2,211.00m
  • Volume: 9,398,367
  • Market Cap: $1,254,433m

Facebook, Google plan to connect Southeast Asia and America with undersea cables

By Caoimhe Toman

Date: Monday 29 Mar 2021

LONDON (ShareCast) - (Sharecast News) - Facebook announced on Monday it was partnering with Google and regional telecommunication companies to build two undersea cables connecting Singapore and Indonesia with North America.
"Named Echo and Bifrost, those will be the first two cables to go through a new diverse route crossing the Java Sea and they will increase overall subsea capacity in the trans-pacific by about 70%," Facebook Vice President of Network Investments, Kevin Salvadori, told Reuters.

The cables, which are the first to connect America with some parts of Southeast Asia, will significantly increase connectivity for Indonesia.

The plans still need regulatory approval but t is expected that "Echo" will be completed by 2023 and "Bifrost" in 2024.

Facebook is also currently working on its broader subsea plans in Asia which includes the Pacific Light Cable Network.

Funded by Facebook and Alphabet, the 12,800km PLCN met regulatory resistance over its plans for a Hong Kong conduit. It has since dropped the efforts to connect Hong Kong and California due to political tensions between Washington and Hong Kong.

"We are working with partners and regulators to meet all of the concerns that people have, and we look forward to that cable being a valuable, productive transpacific cable going forward in the near future," Salvadori told Reuters.

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META Market Data

Currency US Dollars
Share Price $ 567.36
Change Today $ -0.48
% Change -0.08 %
52 Week High $570.84
52 Week Low $288.35
Volume 9,398,367
Shares Issued 2,211.00m
Market Cap $1,254,433m

What The Brokers Say

Strong Buy 24
Buy 23
Neutral 8
Sell 2
Strong Sell 0
Total 57
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Trades for 27-Sep-2024

Time Volume / Share Price
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15:59 351 @ $567.36
15:59 100 @ $567.36

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