GeekWire
GeekWire

Porch to go public | Amazon to spend $10B on satellite initiative

Email sent: Jul 31, 2020 2:02pm

Is this your brand on Milled? You can claim it.

Earnings recap: Amazon, Expedia, Redfin
ADVERTISEMENT
SPONSOR MESSAGE: Become a GeekWire member: Support independent journalism and join today!

TODAY'S TOP STORIES

Porch to go public: In a surprise twist after a seven-year startup saga, real estate technology company Porch says it will become publicly traded on the Nasdaq through a merger with a special purpose acquisition corporation, or SPAC, called PropTech Acquisition Corp. The deal values the Seattle company at $523 million. The announcement offers our first glimpse into Porch’s financials, and new insights into its unusual business model. SPACs, or blank-check companies, have been surging in popularity as an alternative means to go public.

Amazon crushes earnings: Customers are relying on Amazon more than ever — and it is showing up on the company’s bottom line. The Seattle tech giant blew past Wall Street expectations for its second quarter, reporting $88.9 billion in revenue and $5.2 billion in profits, despite spending $4 billion on COVID-19 initiatives. Here are the highlights: More Amazon news: The company is also staying busy in the air with its $10 billion Project Kuiper satellite program. The Federal Communications Commission just authorized Amazon’s plans for a Project Kuiper constellation of 3,236 satellites that would provide broadband internet access across a wide swath of the globe — but with certain conditions.

More earnings: Seattle tech giants Expedia and Redfin reported their second quarter financials Thursday, with varying results. Expedia saw revenue nosedive amid what CEO Peter Kern described as “likely the worst quarter the travel industry has seen in modern history.” Redfin, meanwhile, beat expectations after real estate demand rebounded following a slowdown earlier this year. “We’re inside a tornado,” said CEO Glenn Kelman.

Tech Moves: Museum of Flight has a new education leader; ex-Avalara president joins Banzai board; and more key personnel changes across the PNW tech industry.

Giant hornet update: Washington state agriculture officials say they trapped an Asian giant hornet earlier this month for the first time. They will now use infrared cameras to catch more specimens of the “murder hornets.”

Thanks for reading, have a great weekend, and see all of our latest headlines below. — GeekWire managing editor Taylor Soper, taylor@geekwire.com, and editor Todd Bishop, todd@geekwire.com.
SPONSOR MESSAGE
Become a member, support independent journalism! GeekWire members support independent journalism at a time when trusted storytelling and community engagement is more important than ever. Join today! 

LATEST HEADLINES

SPONSORED: GEEK HOME OF THE DAY
Copyright © 2020 GeekWire LLC, All rights reserved.
You are receiving this email because you opted to receive emails from GeekWire LLC.
 
Our mailing address is:
GeekWire LLC
123 NW 36th St, Suite 203
Seattle, WA 98107
 

Other emails from GeekWire

GeekWire
Aug 12, 2020
Microsoft’s first Android device, Surface Duo, will start at nearly $1,400
GeekWire
Aug 11, 2020
Where Microsoft is really making its money
GeekWire
Aug 10, 2020
How the Seattle Seahawks are using tech to screen for COVID-19
GeekWire
Aug 9, 2020
GeekWire's Most-Read Stories of the Week
GeekWire
Aug 8, 2020
Top tech stories from this week
GeekWire
Aug 7, 2020
Zillow’s Rich Barton on a ‘tectonic shift’ in real estate