Welcome to our dedicated page for Lumen Technologies news (Ticker: LUMN), a resource for investors and traders seeking the latest updates and insights on Lumen Technologies stock.
Lumen Technologies, Inc. (NYSE: LUMN) is a leading global telecommunications and technology company dedicated to transforming the way businesses and individuals interact with the digital world. With a workforce of approximately 38,000 professionals, Lumen is at the forefront of the 4th Industrial Revolution, offering flexible, intelligent, secure, and collaborative solutions for the next generation of business.
Lumen's extensive infrastructure includes 450,000 route miles of fiber, making it one of the largest telecommunication carriers in the United States. The company's strategic shift towards enterprise services was marked by its merger with Level 3 in 2017 and the divestiture of much of its ILEC business in 2022. Today, Lumen generates about 75% of its revenue from enterprise services, providing a full spectrum of communications solutions, including colocation and data center services, data transportation, and end-user phone and Internet services.
On the consumer side, Lumen delivers broadband and phone services across 37 states, serving 4.5 million broadband customers. The company is committed to enhancing the digital experience by leveraging its network strength, which spans metro connectivity, long-haul data transport, edge cloud, security, and managed service capabilities.
Lumen is also a recognized leader in cybersecurity. The latest Lumen Quarterly DDoS & Application Threat Report for Q4 2023 highlights a surge in DDoS attacks targeting the government sector. Lumen's advanced threat intelligence, powered by AI and machine learning, has been pivotal in mitigating these threats. The company's Black Lotus Labs threat intelligence team continues to identify and combat emerging cyber threats, such as the reemergence of TheMoon malware, which exploits outdated small office/home office (SOHO) routers.
Financially, Lumen has shown robust performance. The company reported total revenue of $3.290 billion for Q1 2024, alongside substantial improvements in customer satisfaction and significant broadband net additions. After executing a comprehensive debt restructuring plan, Lumen now enjoys a strengthened liquidity position and a streamlined debt maturity profile.
Recent achievements include securing a $73.6 million contract to transform the U.S. Government Accountability Office's (GAO) network infrastructure and launching Lumen Defender, a cutting-edge AI-driven cybersecurity tool designed to proactively block evolving threats at the network edge.
For more information about Lumen Technologies and their ambitious mission, please visit www.lumen.com.
Lumen Technologies (NYSE: LUMN) is set to present at two upcoming virtual investor conferences. Andrew Dugan, Senior VP and CTO, will speak at the Wells Fargo TMT Summit on Dec. 2 at 5:20 p.m. ET. Shaun Andrews, EVP and CMO, will present at the UBS Global TMT Virtual Conference on Dec. 7 at 3:45 p.m. ET. Interested investors can find webcast details on Lumen's Investor Relations page. Lumen operates approximately 450,000 route fiber miles globally, emphasizing technology's role in enhancing human progress.
Lumen Technologies (NYSE: LUMN) has successfully completed a private offering of $1 billion in 4.500% Senior Notes due 2029. The proceeds will be utilized to redeem $775 million of existing 6.125% Notes due 2053 and for general corporate purposes, including debt reduction. Qwest Corporation, a subsidiary of Lumen, has issued notices to redeem the 2053 Notes, effective Dec. 14, 2020. This transaction aims to enhance Lumen's financial structure by lowering interest expenses and improving liquidity.
Lumen Technologies (LUMN) announced the extension of its NOL Rights Plan expiration date from December 1, 2020, to December 1, 2023, approved unanimously by its board. This extension is to safeguard approximately $6.2 billion in federal net operating loss carryforwards, which can help reduce future U.S. federal income tax payments. The shareholders approved the initial plan in 2019 with about 90% support, and the company will seek further approval at the 2021 Annual Meeting. If not approved by December 1, 2021, the plan will terminate.
Lumen Technologies (NYSE: LUMN) has announced a private offering of $1 billion in unsecured 4.500% Senior Notes due January 15, 2029. The notes will be priced at par and are intended to raise funds for redeeming $775 million of 6.125% Notes due 2053 and for general corporate purposes to reduce debt. Completion of the offering is expected on November 27, 2020, pending customary closing conditions. This offering is targeted at qualified institutional buyers and non-U.S. persons, as the notes will not be registered under U.S. securities laws.
Lumen Technologies (NYSE: LUMN) has proposed a private offering of $750 million in fixed-rate, unsecured Senior Notes, which will not be registered under the Securities Act. The proceeds will be used to redeem $500 million in outstanding 6.125% Notes due 2053 and for general corporate purposes, including debt reduction. The offering will comply with Rule 144A and Regulation S, targeting qualified institutional buyers and non-U.S. persons.
Lumen Technologies (NYSE: LUMN) has expanded its partnership with Zoom to launch Zoom delivered by Lumen, enhancing collaboration for businesses globally. This offering combines Lumen's fiber network and security features with Zoom's communication solutions, aimed at supporting businesses, schools, and hospitals during the digital transition. The partnership, first announced in September 2020, will introduce additional features such as Zoom Phone and Lumen Cloud Connect for Zoom in the upcoming months.
Lumen Technologies (NYSE: LUMN) has announced a quarterly cash dividend of 25 cents per share, payable on Dec. 11, 2020, to shareholders recorded by Nov. 30, 2020. The ex-dividend date is set for Nov. 27, 2020. This action underscores the company's commitment to returning value to shareholders amidst its strategic aims in technology advancement, with over 450,000 route fiber miles serving clients in more than 60 countries.
Lumen (NYSE: LUMN) has secured positions as an authorized service provider on two significant contracts with the U.S. Department of Veterans Affairs (VA). The company will provide essential communications services under a $721 million contract for local exchange carrier services and a $195 million contract for data and wide area network services. Both contracts support IT modernization for the VA, enhancing services for veterans over the next 12 to 15 years.
Lumen Technologies (NYSE: LUMN) reported a total revenue of $5.167 billion for the third quarter of 2020, down from $5.350 billion in Q3 2019. Despite this decline, the company achieved a net income of $366 million, a notable increase from $302 million year-over-year. Adjusted EBITDA for the quarter was $2.112 billion, with a margin of 40.9%. The company is optimistic about future growth, focusing on digital transformation and addressing expanding markets. Free cash flow was reported at $806 million, compared to $931 million in the previous year.
Lumen Technologies (NYSE: LUMN) has announced significant upgrades to its DDoS Mitigation Service in response to a surge in sophisticated DDoS attacks, which now cost businesses an average of $221,000 in downtime. New features include Rapid Threat Defense, a software-based response service that automatically detects and blocks DDoS threats, and a Three-Tiered Scrubbing Architecture for effective threat mitigation. Additionally, the new DDoS Hyper allows customers to quickly configure and deploy mitigation services through a self-service portal.
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