FMP
Lumen Technologies Misses Q3 Earnings, Shares Plunge 8%
Nov 6, 2024 12:16 PM - Davit Kirakosyan
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Lumen Technologies (NYSE:LUMN) shares dropped more than 8% pre-market today after the company posted a third-quarter adjusted per-share loss of $0.13, which was deeper than the expected loss of $0.09.
However, quarterly revenue exceeded analyst forecasts. The telecommunications provider reported revenue of $3.22 billion, narrowly topping the consensus estimate of $3.21 billion.
CEO Kate Johnson noted that Lumen is increasingly becoming a critical partner for major tech firms building infrastructure to support the AI economy. Johnson highlighted that as businesses integrate AI into their operations, demand for robust network strategies has grown, positioning Lumen as a key player in this evolving market.
In its full-year 2024 outlook, Lumen raised its free cash flow guidance to a range of $1.2 billion to $1.4 billion, up from its previous projection of $1.0 billion to $1.2 billion. The company kept its adjusted EBITDA forecast steady, anticipating between $3.9 billion and $4.0 billion for the year.
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