Lumen (LUMN) Unveils New Wi-Fi 7 Device to Improve Connectivity
Lumen Technologies LUMN has announced the launch of a custom-designed Wi-Fi 7 device to transform wireless connectivity. This technology will improve connectivity and enhance the Wi-Fi experience for Quantum Fiber multi-gig customers.
The new device will improve network coverage as it covers up to 90% of a home, which reduces the need for additional nodes. It also supports multiple users and high-bandwidth demands without requiring extensive ethernet cable connections. It is ideal for bandwidth-heavy activities like 8K video streaming, gaming, virtual reality, and large data transfers.
Apart from this, the new device is equipped with a built-in GPS chip to optimize 6GHz range performance in line with upcoming FCC specifications. Customers can also control the device via the Quantum Fiber app, which features advanced parental controls, diagnostics, and advanced security measures.
Lumen Technologies, Inc. Price and Consensus
Lumen Technologies, Inc. price-consensus-chart | Lumen Technologies, Inc. Quote
Quantum Fiber has already installed its first Wi-Fi 7 capable device and plans to offer them to new customers in early 2024, available in parts of 16 states, added the company.
The latest Wi-Fi 7 device is aimed at tapping the growing demand for Wi-Fi and bandwidth demands. Per a report from Markets and Markets, the global Wi-Fi market is expected to reach $39.4 billion by 2028, witnessing a CAGR of 20.2% from 2023 to 2028.
Lumen provides a range of networking and cloud and security solutions to government agencies and consumers. Their services include Internet connectivity, voice and video services and managed services. The company aims to digitize customers, employees and partners’ experiences to foster stronger connections throughout its business ecosystem.
The company continues to invest heavily in the Quantum fiber business. LUMN had 896,000 quantum fiber subscribers at the third-quarter end. The company also noted that it is well-poised to nearly double its current Quantum Fiber footprint to more than 7 million locations in the next four years.
Lumen currently carries a Zacks Rank #4 (Sell). Shares of the company have lost 65.9% against the sub-industry’s growth of 51.9% in the past year.
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Stocks to Consider
Some better-ranked stocks worth considering in the broader technology space are Blackbaud BLKB, NETGEAR NTGR and Watts Water Technologies WTS. Each stock presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Blackbaud’s 2023 earnings per share (EPS) has inched up 1.8% in the past 60 days to $3.86. BLKB’s long-term earnings growth rate is 23.4%.
Blackbaud’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 10.6%. Shares of BLKB have gained 52% in the past year.
The Zacks Consensus Estimate for 2023 is pegged at a loss of 9 cents per share for NETGEAR, which remained unchanged in the past 30 days. NTGR’s earnings outpaced the Zacks Consensus Estimate in three of the last four quarters while missing once. The average surprise was 127.5%. Shares of NTGR lost 14% in the past year.
The Zacks Consensus Estimate for Watts Water Technologies 2023 EPS has improved 3.9% in the past 60 days to $8.08.
WTS’ earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 11.8%. Shares of WTS have soared 43.7% in the past year.
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