Lumen Technologies To Drive Growth Through Two Significant Divestitures
‘We are not pleased with our revenue performance year to date and have a solid plan to improve our revenue trajectory as the economy re-opens and our new initiatives take hold,’ the service provider‘s CFO tells investors. By Gina Narcisi August 03, 2021, 06:44 PM EDT
Lumen Technologies, the company formerly known as CenturyLink, confirmed Tuesday plans to divest itself of two parts of its business as it faces some financial headwinds.
The service provider said it’s selling its incumbent local exchange carrier (ILEC) business, which includes its consumer, small business, wholesale and mostly copper-served enterprise customers and assets in 20 states to investment management firm Apollo Global Management in a $7.5 billion deal. The deal tops earlier reports that Lumen was planning to offload its consumer operations in a $5 billion deal that emerged in July.
Lumen Technologies (LUMN) Q2 2021 Earnings Call Transcript
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Lumen Technologies CEO: ‘We’re Not Satisfied’ And Are Focused On Growth
The service provider’s revenues declined across the business and Lumen is ‘open’ to selling off non-core assets as it relies on fiber and the cloud-based Lumen platform for future growth, said CEO Jeff Storey during the Q1 2021 earnings call. By Gina Narcisi May 05, 2021, 07:14 PM EDT
Lumen Technologies, formerly known as CenturyLink, has been hit hard by the COVID-19 pandemic and has a “strong sense of urgency to drive growth,” according to Jeff Storey, Lumen’s president and CEO.
The service provider is heavily investing in its core assets, including fiber, edge computing, and the cloud-based Lumen platform, which brings together global networking, cloud edge computing, security expertise and collaboration services, as ways to drive long-term growth and success, Storey said during the company‘s Q1 2021 earnings call on Wednesday evening.
Lumen Technologies (LUMN) Q1 2021 Earnings Call Transcript Motley Fool Transcribing © The Motley Fool Logo of jester cap with thought bubble.
Lumen Technologies (NYSE: LUMN)
Greetings, and welcome to the Lumen Technologies first-quarter 2021 earnings conference call. [Operator instructions] As a reminder, this conference is being recorded Wednesday, May 5, 2021. It is now my pleasure to turn the conference over to Mark Stoutenberg from investor relations. Please go ahead, sir.
Mark Stoutenberg
Investor Relations
Thank you, France. Good afternoon, everyone and thank you for joining us for the Lumen Technologies first-quarter 2021 earnings call. Joining me today on the call are Jeff Storey, president and chief executive officer; and Neel Dev, executive vice president and chief financial officer. Before we begin, I need to call your attention to our safe harbor statement on Slide 2 of our 1Q 2021 presentation, which notes that this conference call may i
Operator
Greetings, and welcome to Lumen Technologies fourth-quarter 2020 earnings conference call. [Operator instructions] As a reminder, this conference is being recorded today, Wednesday, February 10, 2021. It is now my pleasure to turn the conference over to Valerie Finberg, vice president, investor relations. Please go ahead, Valerie.
Valerie Finberg
Vice President, Investor Relations
Thank you, France. Good afternoon, everyone and thank you for joining us for the Lumen Technologies fourth-quarter 2020 earnings call. Joining me on the call today are Jeff Storey, president and chief executive officer; and Neel Dev, executive vice president and chief financial officer. Before we begin, I need to call your attention to our safe harbor statement on Slide 2 of our 4Q 20 presentation which notes that this conference call may include forward-looking statements subject to certain risks and uncertainties.
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