Lumen Technologies' stock has more than doubled in 2024, driven by demand for high-speed fiber networks despite lingering concerns over its negative price-to-earnings ratio.
Despite achieving positive earnings at the end of FY 2022 and in Q1 2023, Lumen has faced a downturn, posting negative earnings per share in four of the next five quarters.
The company recently secured major deals with tech giants like Microsoft and Corning, highlighting the necessity for enhanced data connectivity in response to exponential AI growth.
Even though Lumen's P/E ratio has been negative for most of the past seven years, the pursuit of auxiliary AI services could signal a potential turnaround.
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