Lumen Technologies released its 2024 Annual Report, highlighting a remarkable year of strengthening its financial position and restoring market confidence. The company successfully lowered its debt load by $1.6 billion and secured over $8.5 billion in Private Connectivity Fabric (PCF) sales with major technology companies, including Microsoft, Amazon, Google, and Meta.
The report detailed significant operational improvements, including over 15% year-over-year sales growth in North American Enterprise channels and 85% of new Ethernet and IP data service sales enabled on a unified network architecture. This unification reduced average delivery time by over 12 days and implementation costs by up to 50%.
Lumen outlined its plan to eliminate over $1 billion of operating expenses by year-end 2027, with more than $250 million in run rate cost benefits expected by the end of 2025. The company also aims to increase total inter-city fiber network capacity from 12 million miles in 2022 to 47 million miles by 2028, and grow network utilization from 57% to 70% by 2028, reinforcing its commitment to building the backbone for the AI economy.
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