Why These 10 Firms Soared on Monday

3. Lumen Technologies, Inc. (NYSE:LUMN)

Lumen Technologies jumped by 11.9 percent on Monday to finish at $4.23 apiece as investors cheered the company’s bullish outlook and business recalibration, saying that it would now focus on growing and offering network services and officially dropping home internet, which does not sit well with its goals.

During the company’s shareholders meeting, Lumen Technologies, Inc. (NYSE:LUMN) CEO Kate Johnson said that its network-as-a-service (NaaS) platform is gaining traction and disrupting the market.

“And when I say higher, like it’s an incredible rate,” Johnson was quoted as saying. “I don’t want to give it right now, but over the past 90 days, very, very significant growth. And what that suggests is that there’s a faster path to revenue for the cloud companies, partnering with Lumen to provide networking for their end customers.”

In the first quarter of the year, Lumen Technologies, Inc. (NYSE:LUMN) swung to a net loss of $201 million from a $57 million net income in the same period last year. Revenues dipped by 3.3 percent to $3.18 billion from $3.29 billion year-on-year.