Shares of Lumen Technologies (LUMN) surged 5.12% on November 6, 2024, as the telecommunications company reported significant progress in its transformation journey and secured over $8 billion in lucrative Private Connectivity Fabric (PCF) sales, driven by strong demand from tech giants building AI models and data centers.
In its Q3 2024 earnings report, Lumen revealed that it had secured over $3 billion in additional PCF sales during the quarter, adding to the $5 billion in sales announced previously. These deals, which involve leasing the company's fiber network infrastructure to major tech firms, are expected to provide a substantial cash infusion and fuel Lumen's transformation into a digital network services provider.
Despite continued headwinds from its legacy business, Lumen reported solid sales growth in its enterprise and midmarket segments, with nearly 14% year-over-year growth. However, overall revenue and adjusted EBITDA declined due to secular pressures on the company's traditional services.
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