Telecom Stock Rallies On Q4 Financial Results

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, February 7, 2024

A telecommunications company based out in Monroe, LA is causing quite the stir on Wednesday after the company reported its Q4 financial results, and based on traders’ reactions, it was better than expected!

Shares of Lumen Technologies Inc. (NYSE:LUMN) opened up much higher to kick off Wednesday’s session as traders snatched up shares at $1.52/share (+12.59%) at the opening bell. While shares have traded a bit lower since the staggering open, at the time of writing it was trading at $1.455/share (+7.78%) as we head toward market close. Keep you eye on this one!

Lumen Technologies is one of the United States' largest telecommunications carriers serving global enterprises. Its merger with Level 3 further shifted the company's operations toward businesses (over 70% of revenue) and away from its legacy consumer business. Lumen offers businesses a full menu of communications services, providing colocation and data center services, data transportation, and end-user phone and internet service. On the consumer side, Lumen provides broadband and phone service across 37 states, where it has 4.5 million broadband customers.

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