Lumen Hits Fiber High, Despite Q1 Loss of Legacy Customers

WASHINGTON, May 1, 2024 – Lumen Technologies attributed the 12 percent decline in its reported first quarter revenue and drop in net income to strategic shifts the company is making to maintain competitiveness in the broadband market.

As the company continues to transition away from offering legacy copper technologies, it has established a strong presence in fiber-based broadband services, estimating a current market penetration rate of around 25 percent. In contrast, its market penetration in traditional copper broadband is less than 10 percent.