Lumen (LUMN) Unveils Wi-Fi 7 Device for Quantum Fiber Customers
Lumen Technologies LUMN collaborated with MediaTek and its subsidiary Airoha, as well as AXON Networks, to unveil the upcoming release of a device capable of Wi-Fi 7, which is designed for its Quantum Fiber customers.
The company further added that the latest Wi-Fi 7 device is poised to bring superior coverage, power and overall enhanced experience to its users. The upcoming device will be powered by MediaTek Filogic and Airoha 10G-PON technology and is set to launch in select markets in the fourth quarter of 2023, followed by a nationwide rollout in early 2024.
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 $31.3 billion by 2027, witnessing a CAGR of 20.4% from 2022 to 2027.
Lumen Technologies, Inc. Price and Consensus
Lumen Technologies, Inc. price-consensus-chart | Lumen Technologies, Inc. Quote
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 877,000 quantum fiber subscribers at the second-quarter end. The company also noted that it was well-poised to nearly double its current Quantum Fiber footprint to more than 7 million locations in the next four years.
Lumen is working on creating a digital enterprise and adding innovative newer functionalities to the network infrastructure to drive more value for its clientele. As part of this strategy, in August 2023, it collaborated with Microsoft Corporation to implement Microsoft 365 Copilot, which aims to empower approximately 30,000 employees. The company is currently beta-testing Microsoft 365 Copilot through the Early Access Program.
Prior to that, the company collaborated with Google and Microsoft to introduce a network interconnection ecosystem — ExaSwitch. This platform enables organizations with high bandwidth requirements to efficiently route their traffic between networks without the need for third-party intervention.
LUMN currently carries a Zacks Rank #3 (Hold). Shares of the company have lost 79.3% against the sub-industry’s growth of 28% in the past year.
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Stocks to Consider
Some better-ranked stocks in the broader technology space are Asure Software ASUR, Synopsys SNPS and Watts Water Technologies WTS. Asure Software and Synopsys currently sport a Zacks Rank #1 (Strong Buy), whereas Watts Water Technologies carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Asure Software’s 2023 earnings per share (EPS) has increased 5.9% in the past 60 days to 54 cents.
Asure Software’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 676.4%. Shares of ASUR have surged 78.5% in the past year.
The Zacks Consensus Estimate for Synopsys’ 2023 EPS has gained 2.5% in the past 60 days to $11.09. SNPS’ long-term earnings growth rate is 16.4%. Shares of SNPS have surged 72% in the past year.
The Zacks Consensus Estimate for Watts Water’s 2023 EPS has increased 1% in the past 60 days to $7.78. The company’s long-term earnings growth rate is 7.5%.
Watts Water’s earnings beat estimates in all the trailing four quarters, delivering an average surprise of 12.5%. Shares of WTS have rallied 42.4% in the past year.
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