Microsoft Corporation (NASDAQ:MSFT) is partnering with Lumen Technologies, Inc. (NYSE:LUMN) to leverage Microsoft Cloud for Lumen's digital transformation.
What Happened: The Redmond, Washington-based tech giant selected Lumen to enhance network capacity and support increased demand at its AI-driven datacenters.
Lumen's Private Connectivity Fabric provides dedicated fiber access and advanced digital services, enhancing connectivity and capacity for Microsoft's datacenters to meet growing data demands.
Lumen is transforming its operations by adopting Microsoft's cloud and AI technologies to cut costs, eliminate legacy systems, enhance offerings, and develop new solutions.
Why It Matters: Migrating to Microsoft Azure and using Microsoft Entra should enhance Lumen's customer experience. The company also expects an increase in cash flow by over $20 million in the next year.
Erin Chapple, Microsoft corporate vice president of Azure Core Product and Design, said Lumen has the network infrastructure and "digital capabilities" needed to help support Azure's mission.
Lumen expects to release second quarter 2024 results on Aug. 6, 2024.
Invesco Exchange-Traded Fund Trust II Invesco S&P SmallCap 600 Investors can gain exposure to the stock via Revenue ETF (NYSE:RWJ) and IShares Robotics And Artificial Intelligence Multisector ETF (NYSE:IRBO)
Price Action: LUMN shares are up 5.36% at $1.5700 at the last check Wednesday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
