HomeInvesting NewsLumn Stock Rises as a New Subsea Fiber Line Is Established Between...

Lumn Stock Rises as a New Subsea Fiber Line Is Established Between the US and France

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Lumn stock was slightly up at 8.57 in 08:00 AM EDT pre-Market trading.

To expand network variety and capacity, Lumen Technologies (NYSE:LUMN) has developed a new underwater fiber connection between the United States and France. LUMN has just made an investment in a fiber pair on the Grace Hopper underwater cable system, which connects New York with Bude, Cornwall in the United Kingdom. 

According to the U.S. Chamber of Commerce, data flows form the foundation of the collaboration between the United States and Europe for commerce and investment. For almost 20 years, Lumen has owned and managed international subsea networks.

Six on-net varied fiber routes, including Dunant, a Google subsea system, are included in the company’s full trans-Atlantic (AT-OLD) subsea portfolio. Saint-Hilaire-de-Riez on the French Atlantic coast connects with Virginia Beach in the United States. Lumen offers a Dunant-based on-net route between Richmond, Virginia, and Paris, France.

Lumen Stock Slumped At Market Open As CEO Jeff Storey Retires

Access to safe, varied trans-Atlantic network choices will be available to international companies and wholesale suppliers connecting to Lumen’s worldwide 450,000 route fiber mile network. In addition to serving Lumen’s own IP, Voice, and CDN networks, the wavelength capacity Lumen will provide on the Grace Hopper subsea cable may be upgraded to meet growing customer demands for years to come.

LUMN Stock outlook 

Investors may be more familiar with the telecommunications business of Lumen Technologies (NYSE:LUMN) by its previous name, CenturyLink. The company changed its name to Lumen in 2020. The performance of LUMN stock over the previous five years has been disappointing; it has fallen to the current trading price of below $9 per share. There is no disputing the company’s 10.68% dividend yield, though.

Numerous poorly timed and handled sales of Lumen’s various business segments have hurt the company’s shares. The sale of its Latin American business to Stonepeak for $2.7 billion in 2021 and the sale of its telecommunications unit to Apollo Global Management for $7.5 billion are two examples (NYSE:APO). The P/E ratio of LUMN stock has dropped to 4.83 as a result of its falling price, making the shares extremely affordable. More on Yahoo Finance

On Wednesday, shares were up 0.12% in pre-market trade.

Featured Image – Megapixl © Transversospinales 

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