Lumen Technologies Inc Ordinary Shares

LUMN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$7.20	Svl	Pydg

Lumen’s Business Challenged, and We’re Uneasy That Big Capital Investment Plans Will Lead to Growth

Matthew Dolgin

Feb 8, 2023

Business Strategy and Outlook

Within the last decade, Lumen has transformed its business to focus primarily on enterprises rather than consumers. The shift became even more pronounced in 2022, when Lumen sold its incumbent local exchange carrier, or ILEC, in 20 of the 36 states where it operated, ridding Lumen of nearly half its remaining consumer revenue.

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