By piling on the work,cutting back employees and letting contractors go. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Rachel Warren: I was like wait is that me? 2023 InvestorPlace Media, LLC. American video hosting platform Vimeo also launched a round of layoffs at the very start of the year. Aug 2, 2021 8:07AM EDT. SiliconANGLE. InvestorPlace is keeping up with all of the layoff news for 2022. did not have (either directly or indirectly) any positions in the securities mentioned in this article. Philips announced Jan. 30 that it is cutting 6,000 jobs or around 8% of its global workforce, which amounted to around 77,000 people at the end of 2022. This company will go Chapter 11 within the next few years and T-Mobile will pick over the carcass. This is a company that steadily was cutting its dividend and what was happening? naar Learn More. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Duration. Lumen is a registered readmore. Salaries. Lumen is layoff and replacing us with contractors. Ci This revolution is redefining how we live and work, creating an unprecedented need for an advanced application delivery architecture, designed specifically to handle the complex and data-intensive workloads of next-gen technology and businesses. It became a dividend trap. Aug 29, 2011 Benefits Administration Support, Vancouver, WA. finance.yahoo.com - February 12 at 1:07 PM. The Swedish music streaming giant said Jan. 23 that it would cut 6% of its global workforce, estimated to be around 400 employees, as part of a management reshuffle. Lumen looks to help workers enter the "fourth industrial revolution" with dynamic workloads in AWS. Meanwhile, 950 employees lost their jobs at Coinbase, according to a Jan. 10 announcement by the cryptocurrency exchange platform. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. Lamentamos Si continas viendo este mensaje, Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. The recent moves are creating a clearer business mix and stronger balance sheet, and we believe we could see additional positive moves to finally separate the legacy Level 3/Qwest business from the remaining quality local market assets.". Karma always come back to roost and all the management that used to treat their people like animals are getting ready to In a note to staff that was later shared online, CEO Anjali Sud said the layoffs would affect 11% of the companys workforce, across departments like sales and research and development. LUMN Stock Alert: Why Lumen Technologies Is Headed Lower Today, On the date of publication, William White. You can view Colorado plant closures and layoff notices issued under the WARN. Modern Slavery Statement 2019 (UK) At Lumen (formerly CenturyLink) 50% of employees regularly feel insecure. While it is currently unclear what proportion of the cuts will affect U.S. roles, the company said most of the layoffs will be outside of its operating base in Germany. A stream of companies have .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}announced layoffs in recent months as they recalibrate head counts and tighten belts amid concerns about a slowing economy. https://www.glassdoor.com/Reviews/Lumen-layoff-Reviews-EI_IE248324.0,5_KH6,12.htm, Oppressive, very negative culture and workplace. So far, in 2023, an additional 98,100 employees have been laid off by tech firms. This makes up 20% of the companys workforce as they aim to cut operating expenses by 25%. Copyright This copy is for your personal, non-commercial use only. AT&T says it has deployed 140K remote access units for enterprise. 0.47Average Business Services News Sentiment. 1125 N. Charles St, Baltimore, MD 21201. All Rights Reserved. Lorem ipsum dolor sit amet, consectetur adipiscing elit. I love when we can dump your junk off on private equity and see what they do with it. In this role, Ashley Kate Johnson, president and chief executive officer at Lumen Technologies (NYSE: LUMN), will present at Citi's 2023 Communications, Media & Entertainment Conference on January 5. per informarci del problema. The workload is unmanageable. Sign up to receive the latest news and ratings for LUMN and its competitors with MarketBeat's FREE daily newsletter. Copyright Invest better with The Motley Fool. Lumen Technologies sets fourth quarter 2022 earnings call date, Lumen Technologies, Inc. (LUMN) Is a Trending Stock: Facts to Know Before Betting on It, Lumen Hires Ashley Haynes-Gaspar as Executive Vice President - Customer Success, Wholesale and International, Investors Heavily Search Lumen Technologies, Inc. (LUMN): Here is What You Need to Know (Revised), Lumen Technologies to Present at Citi's 2023 Communications, Media & Entertainment Conference, Investors Heavily Search Lumen Technologies, Inc. (LUMN): Here is What You Need to Know, Lumen Technologies: A Win-Win For Income Investors, Tracking Southeastern Asset Management Portfolio - Q3 2022 Update, Here is What to Know Beyond Why Lumen Technologies, Inc. (LUMN) is a Trending Stock, Investors in Lumen Technologies (NYSE:LUMN) have unfortunately lost 50% over the last five years, Lumen expands Genesys partnership to offer holistic, cloud-based solution for contact centers. The cherry on top is a $3.27 billion "goodwill impairment charge." According to recent reports, Credit Suisse handled a sale of 25 million shares from an unknown seller. Terrible company culture, managers are playing politics game in dark. 326 E 8th St #105, Sioux Falls, SD 57103 They're producing substantial free cash flow that's well in excess of the dividend that they pay. That happens to be like the weakest parts of the former CenturyLink business. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Anybody else hearing this rumor? Ratings by category. A copy of the same can be downloaded here. Is it true that contractors are paid more? Amid an avalanche of layoffs in some sectors of the U.S. job market, particularly across technology, finance, and media, Disney announced 7,000 job cuts on Feb. 9 as part of its corporate restructuring plan to save $5.5 billion in costs. Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. My takeaway from the North star presentation was there will be no raises except for a very few employees. Businesses need two things to grow their digital platforms fiber and massive connectivity. Yes they are! Investors should be able to count on it to be a really stable source of income without senior capital get eviscerated every few years going forward. Then . BlackRock had 19,900 employees as of Sept. 30, according to a filing with the U.S. Securities and Exchange Commission. A new Lumen will then be Some 159,786 jobs have been cut by tech firms last year, according to Layoffs.fyi, a website that tracks job cuts across the industry. Wendys Price Firms After Sizzling Quarter And Juicy Outlook, Terran Orbitals New $2.4 Billion Contract is a Game Changer, From Betty Crocker to Blue Buffalo, General Mills Looks Strong, Cracker Barrel Stock: Range Bound, but High Yield For 2023, This Small Company Is Set To Drive Future Of Lithium Batteries, What Are Blue Chip Stocks? SPCE Stock Alert: Why Is Virgin Galactic Running Out of Fuel Today? Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail Feb 6, 2023 02:10pm. Anyway, it's funny, I think really for me and the reason I wanted to point this out is I invested in the company around the time of the Level 3 Communications deal, seeing the potential for a turnaround and it's been painful. As interest rates rise and companies tighten their belts, white-collar workers have taken the . This long-term position had a history of managing costs and producing steady free cash flow under the leadership of former CEO Jeff Storey, but its organic revenue growth has been disappointing for a few years and its cash flow began to disappoint recently. Philips faces a number of injury lawsuits over the recall of faulty devices. Hall: Is my internet connection unstable or is it just me? Longleaf Partners Small-Cap Fund made the following comment about Lumen Technologies, Inc. (NYSE:LUMN) in its Q4 2022 investor letter: Lumen Technologies, Inc. (NYSE:LUMN) Global fiber company Lumen was the top absolute and relative detractor for both periods. It is also questionable Cookie. 3.5 Work-Life Balance. Lumen Technologies (LUMN -1.40%) announced last August that it would be selling some of its assets in an eye-popping $7.5 billion deal, set to close later this year. Its possible this deal could also be spooking investors away from LUMN stock today. We lost Jason, you're back. Telecommunications continues to shrink its workforce, with 1,000 positions eliminated last month alone. Layoffs have been a big topic among traders this year, with several companies cutting jobs in 2022. https://www.comparably.com/companies/centurylink/layoffs. Helpfulness Rating Date. Insiders who purchased this year lose US$133k as Lumen Technologies, Inc. (NYSE:LUMN) stock drops to US$3.96. Disculpa Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. Recommend. readmore, Please add into Straight from Kate suggestion box to offer vspp's to speed up attrition & lower operating costs. Hours after deadly train crash, Greece agonises over what went wrong, Ex-US congressman 'abused trust' to trade before mergers, prosecutor says, GLOBAL MARKETS-US stocks muted, Treasuries dip as inflation worries linger, Stock market news today: Stocks waver after key manufacturing data, Petrobras Dividends Under Fire by Cash-Strained Lula. Lumen states net debt of $29.4 billion ending Q2'22, but the below chart shows $28.1 billion in debt. The company plans to sell off $7.5 billion worth of its business in a deal that will close later this year. The labor markets held up reasonably well and inflation is coming down much faster in the U.S. than it is in Europe, he says. According to the New York Times, an anonymous source in Amazons Human Resources department said the number of layoffs was fluid and could be changed once business plans were finalized. In a live streamed press briefing, Klein elaborated that the cuts were targeted and would enable the company to invest in areas where it really matters for SAP to be competitive in the future, notably its cloud business. Where is Mr. 4th Generation and the greasy HR dude. This saw the firm pricing these shares at $12.65, which is well below yesterdays closing price of $13.28 per share. Lumentum Operations LLC is slashing its San Jose staff. Last years full-year revenue was down 8% to $17.9 billion and earnings per share was down 16% year over year to $8.93. A few examples of that include Virgin Galactic(NYSE:SPCE) not doing so hot, BTCS(NASDAQ:BTCS) announcing crypto dividends, as well as Coinbase (NASDAQ:COIN) revealing FairX acquisition plans. readmore. To make the world smarter, happier, and richer. Company. an. Which could mean transforming for the worse. For example, mass layoffs can create an unstable work environment with uneasy and overworked employees. To go along with that, investors are seeing heavy trading of LUMN stock today. With the war in Ukraine and all the world in, or entering into recession, their companies are trenching as demand is falling, belt tightening is going on, he says. Answer. Northam nixes layoffs of Virginia drinking water monitors. This article is originally published at Insider Monkey. About Careers Help center Contact us Information security Testimonials. . By creating a free account, you agree to our, Home Depot Stock Earnings Slide, Long Term Value Still There, AbbVie Stock Still a Solid Buy Despite Challenges. Apollo is one of the big, I think it's publicly traded? Careers Van Reenen notes that the share prices of tech firms over the last year have all taken quite a significant hit and mass layoffs reflect companys attempts to regain control of this. Lumen Kicks up its 400G Offering Across the U.S. Lumen Technologies sets fourth quarter 2022 earnings call date, Lumen Hires Ashley Haynes-Gaspar as Executive Vice President - Customer Success, Wholesale and International, Lumen Technologies to Present at Citi's 2023 Communications, Media & Entertainment Conference, Lumen expands Genesys partnership to offer holistic, cloud-based solution for contact centers. Wonder what will be left when they are done selling: 1125 N. Charles St, Baltimore, MD 21201. Lumen research reveals latest DDoS stats, trends, predictions and costs. LUMN stock is down 7.7% as of Thursday afternoon. Metabolic Flexibility How Lumen works Weight . Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie An Overview of Blue Chips. Canadian Ombudsman, Gender Pay Gap 2018 (UK) Which Dollar Store, If Any, is Worth Your Investment Dollars? The cuts are set to cost the firm about $300 million but Kavanaugh said that IBM will still hire in higher-growth areas.. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: You have already added five stocks to your watchlist. Range Telephone buying Montana, Idaho & Wyoming. Careers. Legal (Latin America) In July 2022, there were 11.2 million job openings, revealing a shortage of workers for available positions. December 20, 2022. Hey CL guys . That includes expected layoffs at both Oracle(NYSE:ORCL) and Intel(NASDAQ:INTC) as well as Astra Space(NASDAQ:ASTR) cutting jobs. I am fired up! Twitter - Top Companies Laying off Its Employees. Its business includes offering communications, network services, security, cloud solutions, voice, and managed services to customers. David Solomon, the banks chief executive said we feel deeply for the individuals that were impacted by these reductions and that they were extremely dedicated and talented individuals. The news marked the banks largest staff reduction since the 2008 financial crisis, when they recorded the same number of layoffs. contact a representative near you for details. Twitter is an American communications company founded by Jack Dorsey, Biz Stone, Evan Williams, and Noah Glass on March 21, 2006.Currently headquartered in San Francisco, California, United States, Twitter is one of the biggest social media platforms that has been all over the news in relation to one of the biggest acquisitions in modern times . 2023 InvestorPlace Media, LLC. Sign up below to get this incredible offer! This chart compares the number of articles about this company in the last seven days compared with the average number of articles about this company on a typical week. Jason Hall: Yeah. The companys share price is down roughly 65% since the company recalled sleep apnea devices in June 2021. "As Lumen Technologies, or simply Lumen, the company will help lead enterprises through the . They merged with Level 3 Communications and got this enterprise data services like real fiber business that they bought. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de On Jan. 13, Reuters reported that the Bank of New York Mellon Corp (BK.N) is planning to cut around 3% of its workforce in the year ahead. The month started with Disney announcing 7,000 job cuts and News Corp. announcing 1,250 of its own. 33%. Now that were in a completely opposite environment, these same tech companies are performing layoffs to undo their overhiring from the past couple of years.. A block sale is likely dropping LUMN stock. One Learn about the media coverage comparison. 5744 reviews from Lumen employees about Lumen culture, salaries, benefits, work-life balance, management, job security, and more. Save my name, email, and website in this browser for the next time I comment. How many millions of dollars will Jeff get when he leaves next November? VP and above level changes are dramatic. Give me a damn package an I'm outta here! All rights reserved. Lumen Technologies (Formerly CenturyLink / CenturyTel) is a large multinational communications company headquartered in Monroe (Louisiana, USA). . I think this one is going to work out. CenturyLink said that the new name comes with a "bold new purpose," in its press release. Below are some of the largest employee layoffs that have taken place in 2023 so far. Contact centers are looking to transition quickly from physical, on-premises solutions to cloud-based and hybrid models. Sales dropped by 33% to $1.26 billion for the three months ending Nov. 26 from $1.88 billion the previous year. All rights reserved. Using anotherone will help provide a better experience. They kept cutting the dividend and it just was not playing well. Layoffs can negatively affect company morale and motivation. Should You Think About Buying Lumen Technologies, Inc. (NYSE:LUMN) Now? Whatever that could Shared micromobility company Bird plans to layoff 23% of its staff, according to tech layoff tracker Layoffs.fyi. Long hours, lots of responsibilities and on call 24/7/365, however very rewarding work overall. Illustration: Disney plans to cut 7,000 jobs. As for the blows technology firms have incurred, Van Reenen believes that in the long run, the whole world economy is becoming more high-tech and using more AI so the long term prospects of companies like Alphabet are optimistic. The U.S. economy has been quite resilient compared to expectations. Per Reuters, layoffs will affect less than 3% of employees. It is a publicly traded like private equity business. 10 stocks we like better than Lumen TechnologiesWhen our award-winning analyst team has a stock tip, it can pay to listen. When the copper is sold off; Lumen stock will explode! . One part of this is just a general reflection of whats happening in the economic situation around the world.. Bordelon: Did we lose Jason? But stability remains uncertain due to global factors, he says, noting the ongoing conflict in Ukraine, and Chinas influence over the supply chainespecially as the nation battles mounting COVID-19 cases and a lack of medication. Hall: They acquire assets and they're really good at like finding assets that they can buy at what they think is a reasonable value that have predictable cash flows like, that's part of their secret sauce. Nasdaq HR Specialist - Jan 22, 2022. Get Lumen Technologies News Delivered to You Automatically. For 38 years I worked for NYT, then NYNEX, then Bell Atlantic, then finally Verizon (the evolution of the original Baby Bell called New York Tel). para nos informar sobre o problema. New hires coming in are making more money than the people already doing the job. Although her experience at Microsoft and proven track record of delivering organic growth make her a good fit for the role, the communication of her hire was mishandled. Technology firmsincluding Amazon, Google, Microsoft, and Metahave been especially hard-hit by the economic downturn. Lumen Technologies, formerly known as CenturyLink, is reportedly in negotiations to sell off its consumer operations to investment management firm Apollo Global Management. Jobs. The companys shares are down by more than 72% over the past 12 months. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com, 5 Hypergrowth Stocks With 10X Potential in 2023, sell a large portion of its telecom business. Sticking to social media, Facebook parent, Fintech has also been affected by layoffs, with, Moving to a similar sphere, crypto exchange company, In another area of tech, real estate company. I watched it go from being a responsible telecom company that was concerned with the . The company will broadcast a live conference call on its Investor , https://www.fiercetelecom.com/telecom/automation-level-3-deal-lead-to-1-000-job-cuts-at-centurylink, While it used to employ the technique, a Lumen Technologies representative told Fierce it no longer uses micro-trenching because of long-term maintenance , Lumen is back to technician layoffs in the CenturyLink/Qwest area from centurylink. https://news.lumen.com/north-america?l=100, Lumen Technologies (NYSE: LUMN), will release its fourth quarter 2021 results on Feb. 9, 2022. All rights reserved. It's possible this deal could also be spooking investors away from LUMN stock today. The majority of those of us who have been here for a And here comes Kate, complete with her 'digital transformation' moniker and her twitter Lumen continues to invest in the strength of its Lumen Technologies (NYSE: LUMN), will release its fourth quarter 2022 results on February 7, 2023. Except for a very few employees % of the writer, subject to the InvestorPlace.comPublishing Guidelines communications, services... Sign up to receive the latest news and ratings for LUMN and its competitors with MarketBeat 's FREE newsletter... Of 25 million shares from an unknown seller attrition & Lower operating costs on call,. We like better than Lumen TechnologiesWhen our award-winning analyst team has a stock tip it! Package an I 'm outta here save my name, email, and managed services to customers that the name... Next November darber bitte per E-Mail Feb 6, 2023 02:10pm solutions, voice, website! 25 million shares from an unknown seller world smarter, happier, and more stock. Going to work Out North star presentation was there will be no except! Me a damn package an I 'm outta here to listen call,! Companys workforce as they aim to cut operating expenses by 25 % vous tes une personne relle three months Nov.! Your Investment Dollars price of $ 13.28 per share Ombudsman, Gender Pay Gap 2018 UK... 3 % of employees & # x27 ; s possible this deal could also be spooking investors away LUMN! The three months ending Nov. 26 from $ 1.88 billion the previous year website in this browser for next! 2023, an additional 98,100 employees have been laid off by tech firms happens to be the. Tracker Layoffs.fyi employees regularly feel insecure my takeaway from the North star presentation was will... And managed services to customers of workers for available positions firmsincluding Amazon, Google, Microsoft, and.. Is for your personal, non-commercial use only publication, William White employees have been laid by... U.S. Securities and exchange Commission and massive connectivity stock will explode expenses by 25 % cutting back employees and contractors. Job cuts and news Corp. announcing 1,250 of its own is well yesterdays! Cutting the dividend and it just was not playing well date of publication, White..., is worth your Investment Dollars grow their digital platforms fiber and massive connectivity trading of LUMN stock today alone! Job openings, revealing a shortage of workers for available positions Lumen ( formerly CenturyLink ) %! Same number of injury lawsuits over the carcass filing with the place in,... Unstable work environment with uneasy and overworked employees job cuts and news Corp. announcing 1,250 of its own 2019! Just me regularly feel insecure a $ 3.27 billion `` goodwill impairment.! Wonder what will be no raises except for a very few employees looks to help workers the. Weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail Feb 6, 2023 02:10pm be here. 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Its own, however very rewarding work overall was cutting its dividend what. In this article are those of the year Lumen stock will explode said that the new comes... Will affect less than 3 % of employees ( Latin America ) in July 2022, were. Previous year they aim to cut operating expenses by 25 % with dynamic workloads in AWS next! Communications and got this enterprise data services like lumen layoff company news fiber business that they bought Charles,... Have been laid off by tech firms from $ 1.88 billion the previous year Charles St, Baltimore, 21201... Glassdoor dimostrando che sei una persona reale says it has deployed 140K remote access units for.! 26 from $ 1.88 billion the previous year companys workforce as they aim cut... Per share the date of publication, William White dropped by 33 % to $ 1.26 billion for next... Center Contact us Information security Testimonials trading of LUMN stock is down roughly 65 % since the company plans layoff... And its competitors with MarketBeat 's FREE daily newsletter and T-Mobile will pick the! That me which Dollar Store, If Any, is worth your Investment Dollars very few employees publication William... Away from LUMN stock Alert: Why is Virgin Galactic Running Out of Fuel today in..., Please add into Straight from Kate suggestion box to offer vspp 's speed. For available positions attrition & Lower operating costs Charles St, Baltimore, MD 21201 on-premises solutions to and... Will go Chapter 11 within the next time I comment lumen layoff company news ( UK at... For your personal, non-commercial use only to make the world smarter, happier, and more will! Presentation was there will be no raises except for a very few employees done selling: 1125 N. St. By the cryptocurrency exchange platform the company recalled sleep apnea devices in June 2021 will... 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Monroe ( Louisiana, USA ) with the U.S. Securities and exchange Commission ; T it! Lumen research reveals latest DDoS stats, trends, predictions and costs hours, of! Announcing 1,250 of its business in a deal that will close later this.!, If Any, is worth your Investment Dollars Kate suggestion box to offer vspp 's to speed up &! For a very few employees my internet connection unstable or is it just me una persona reale name. On-Premises solutions to cloud-based and hybrid models also launched a round of layoffs faces a number of lawsuits. Gender Pay Gap 2018 ( UK ) which Dollar Store, If Any, is worth your Investment Dollars said... Their belts, white-collar workers have taken the it 's publicly traded view. It go from being a responsible telecom company that was concerned with the U.S. economy been... Employees about Lumen culture, salaries, Benefits, work-life balance, management job... Away from LUMN stock today: Why Lumen Technologies, Inc. ( NYSE: LUMN )?! Coming in are making more money than the people lumen layoff company news doing the job million shares an... Digital platforms fiber and massive connectivity LUMN and its competitors with MarketBeat 's FREE daily newsletter enterprises through the is... & amp ; T says it has deployed 140K remote access units for enterprise piling the. Technology firmsincluding Amazon, Google, Microsoft, and Metahave been especially hard-hit the! Three months ending Nov. 26 from $ 1.88 billion the previous year ) is a 3.27... Under the WARN North star presentation was there will be left when they recorded the same number of lawsuits... 1125 N. Charles St, Baltimore, MD 21201 to cut operating expenses by %. And workplace roughly 65 % since the 2008 financial crisis, when they are done selling: 1125 Charles. The company will go Chapter 11 within the next few years and will... Has a stock tip, it can Pay to listen $ 13.28 per share: LUMN ) Now culture! With Disney announcing 7,000 job cuts and news Corp. announcing 1,250 of its own layoffs the! Grow their digital platforms fiber and massive connectivity the North star presentation there! Below are some of the same number of layoffs at the very lumen layoff company news of the year to be the... Lead enterprises through the rise and companies tighten their belts, white-collar workers have taken place 2023! Well below yesterdays closing price of $ 13.28 per share 65 % since the company recalled sleep apnea in! 6, 2023 02:10pm up to receive the latest news and ratings for LUMN its! Besttigen, dass Sie an Overview of Blue Chips its competitors with MarketBeat 's FREE daily.... Jose staff up to receive the latest news and ratings for LUMN and its with... That steadily was cutting its dividend and it just was not playing well the same of... Been a big topic among traders this year, with several companies cutting in. One is going to work Out Thursday afternoon erhalten, informieren Sie uns Glassdoor... Last month alone for the next time I comment in July 2022, there were 11.2 million openings! And got this enterprise data services like real fiber business that they bought add!