Facebook (FB) Flies: Internet Drone Tests Positive, CNBC Reports
NEW YORK (TheStreet) -- Facebook's (FB) - Get Report aircraft aiming to bring high-speed Internet to the world recently took flight for more than an hour and a half, CNBC's Kayla Tausche reported on "Squawk Box" Friday.
The social media giant successfully completed its full-scale test flight over Arizona of its plane-like drone, designed to bring the Internet to disconnected countries, according to Tausche.
Facebook called the test "'a big milestone for its connectivity plans.' Of course it hopes one day to bring that to India (and) to rural parts of the world that currently aren't connected," she continued.
Although the company still has many challenges to overcome, it is "full speed ahead for the engineering side to it," Tausche stated.
Facebook's solar-powered "Aquila" aims to use laser technology to bring fast Internet to people within a 60-mile radius of the aircraft, USA Today reports.
Shares of Facebook are lower by 0.36% to $120.17 this morning.
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Separately, TheStreet Ratings rated Facebook as a "buy" with a score of B+.
This is driven by multiple strengths, which can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins.
TheStreet Ratings feels its strengths outweigh the fact that the company is trading at a premium valuation based on a review of its current price compared to such things as earnings and book value.
You can view the full analysis from the report here: FB
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.