"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."
"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 prioritized strengthening its balance sheet, improving liquidity, and reducing debt while seeking higher customer satisfaction. The company still faces declining revenue and constrained free cash flow despite those improvements. The stock nearly faced NYSE delisting after dipping below $1 in 2023, then rallied in mid-2024 as demand for high-speed fiber-network services increased. Major agreements with Microsoft, IBM, and Google Cloud expanded connectivity for growing AI workloads. Lumen refinanced term loans and sold its fiber-to-the-home business to AT&T to free capital. The CEO projected a return to growth by 2029.
Read at 24/7 Wall St.
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