"More recently, Lumen partnered with IBM to unlock scalable AI for businesses, as well as with Google Cloud to provide advanced cloud and network solutions to meet the growing demands of AI workloads. Lumen strengthened its financial position and freed up capital for long-term growth by refinancing its term loans, as well as selling off its fiber-to-the-home business to AT&T. CEO Kate Johnson projected the company's return to growth by 2029."
"Lumen's Recent Success From July 1, 2024, to September 30, 2024, the shares went on a tear. The stock, which was trading at just $1.11 at the start of the third quarter of 2024, surged 540% by the end of the third quarter. That was quite the reversal, given how the stock has slid 91.8% since hitting its all-time high of $4"
Lumen Technologies focused on strengthening its balance sheet and improving liquidity by reducing debt, producing a positive shift in recent quarterly results. The company also prioritized customer satisfaction while still facing declining revenue and pressured free cash flow. A 2023 share-price dip briefly put the stock at risk of NYSE delisting. Demand for high-speed fiber networks and AI-related connectivity drove a mid-2024 rally and large deals with Microsoft and other tech firms. Partnerships with IBM and Google Cloud expanded AI and cloud offerings. Refinancing term loans and selling the fiber-to-the-home unit to AT&T freed capital, and the CEO projected a return to growth by 2029.
Read at 24/7 Wall St.
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