Telecommunications services firm Lumen Technologies beat Wall Street estimates for third-quarter revenue on Tuesday, helped by strong demand for its services as businesses digitize their operations.
Lumen has a network of fiber optic and copper cables and provides cloud-based communication services and IT solutions to businesses and users, helping them managing calls, messages and video meetings on a single interface.
The proposed sale of Lumen's EMEA business is expected to close on Wednesday, subject to meeting customary closing conditions, the company said. The reorganization and additional optimization initiatives will generate annualized savings of approximately $300 million, Johnson added.The State of California's Department of Technology awarded Lumen an over $400 million contract last week related to the network infrastructure for the middle mile broadband initiative.
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