Investing in CenturyLink (CTL), the struggling regional telecom company, has not gone well for investors over the last few years. Since peaking in late 2014, CenturyLink's stock is down about
55%, and even accounting for its double-digit yield, investors have seen total returns of about -35%.After years of struggling with a declining legacy landline business (see negative sales growth from 2013 through 2016 below), CenturyLink announced a game-changing acquisition. In 2017 the firm bought Level 3 Communications for $34 billion, with hopes of pivoting the company into fast-growing and thriving businesses like fiber optics and enterprise services.
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