CenturyLink is ditching its old name in favor of Lumen Technologies (NYSE:CTL) as it looks to prepare for the fourth industrial revolution.
According to the company, the name change from CenturyLink to Lumen Technologies is part of its effort to refocus its business. The company wants to better focus on a platform instead of just a service. That includes creating a platform that lets users link their smart devices, home security, internet and more.
While CenturyLink is no longer the company’s name, that doesn’t mean some customers won’t still see it. Lumen Technologies notes that the name change doesn’t affect its residential and small business customers, which will still work with the CenturyLink brand.
Lumen Technologies also notes that this change means it will be switching stock tickers. Rather than stick with the current “CTL” ticker, the company will change to the new “LUMN” ticker. This change will take place when trading starts on Friday.
Jeff Storey, president and CEO of Lumen Technologies, has this to say about the CenturyLink name change.
“Our people are dedicated to furthering human progress through technology. Lumen is all about enabling the amazing potential of our customers, by utilizing our technology platform, our people, and our relationships with customers and partners.”
CTL stock was up 2.5% as of Monday afternoon but is down 17.5% since the start of the year as of Friday’s close.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.