Lumen

Lumen Technologies—through its affiliates Qwest and CenturyTel of Wyoming—was awarded Rural Digital Opportunity Fund (RDOF) funding to deploy gigabit speed Internet service in areas of Colorado, New Mexico, South Dakota, and Wyoming. Now Lumen is returning nine census block groups (CBGs) where it was awarded RDOF funding in those states. Lumen has observed deployment costs increase dramatically in many areas since it made its bids. In addition, in some areas, the number of locations to be deployed to is substantially different from the initial published auction numbers.

Lumen Technologies reported results for the third quarter ended September 30, 2023. The company reported a loss of $78 million on $578 million of net income. The company is laying off four percent of its employees. Lumen also struck a deal with a group of creditors holding more than $7 billion of company debt that will extend debt securities and commit $1.2 billion of financing through new long-term debt. Lumen also dialed back the pace of the ongoing fiber buildout at its Mass Markets unit.

Lumen Technologies reported results for the first quarter ended March 31, 2023. The company:

• Increased its Quantum Fiber-enabled location pacing, deploying approximately 120 thousand fiber locations during the first quarter of 2023;
• Increased Grow revenue to $1.128 billion for the first quarter of 2023, compared to $1.091 billion for the fourth quarter of 2022;
• Reported Net Income of $511 million for the first quarter of 2023, compared to reported Net Income of $599 million for the first quarter of 2022.

Lumen Technologies is expanding its residential and small business fiber internet service, Quantum Fiber, in more than 30 cities and metro areas in the US. Quantum Fiber is a subscription-based, prepaid, online platform for delivering secure, premier fiber-based connectivity to residents and small businesses.