Summary by Moomoo AI
On April 19, 2024, Lumen Technologies, Inc. announced its decision to reduce its workforce by less than 7% as part of a restructuring initiative aimed at aligning the company's workforce composition with its strategic priorities and ongoing transformation. The workforce reduction, which will include both involuntary and voluntary separations, is expected to be largely completed by the end of the second quarter of 2024. Lumen Technologies anticipates incurring severance and related costs estimated between $90 to $100 million due to this action, with the majority of these costs to be recorded in the second quarter of 2024. The company does not foresee any significant impairment or exit costs beyond these severance expenses. The forward-looking statements in the report, filed with the U.S. Securities and Exchange Commission on April 23, 2024, are based on current expectations and are subject to uncertainties, including the actual number of employees who will leave voluntarily or be terminated involuntarily.