Business clients remain Lumen’s core focus
Enterprise clients account for the majority of Lumen’s revenue. In 2022, the firm’s business segment generated over 13 billion U.S. dollars, while its mass market segment brought in just shy of 4.5 billion. Within the business segment, IP and data services accounted for the largest share of revenue at 5.8 billion U.S. dollars, while fiber infrastructure brought in 2.2 billion. Fiber broadband has been a growing focus in the mass market segment, generating 604 million U.S. dollars in 2022, an increase of 15.3 percent on 2021. Meanwhile, voice services revenue from the mass market division has declined sharply, reflecting the global downward trend in fixed telephone subscriptions.Lumen closes major sales in Latin America and the U.S.
Lumen’s total assets fell to 45.6 billion in 2022 from 58 billion U.S. dollars in 2021, with the company streamlining its operations through the completion of two major sales. In August, the firm announced the sale of its Latin American operations for 2.7 billion U.S. dollars to Stonepeak. This was followed in October by the sale of its incumbent local exchange carrier business (ILEC) in 20 U.S. states to Brightspeed for 7.5 billion U.S. dollars. In November 2022, Lumen also announced an agreement to sell its Europe, Middle East, and Africa business to London-based Colt Technology Services for 1.8 billion U.S. dollars, with the two firms announcing that a sale could be completed by late 2023.
