The lowest price of shares of Lumen Technologies Limited changed by +7.68% compared to the previous trading day.
NEW YORK – Lumen Technologies, Inc. (NYSE: LUMN) reported third-quarter revenue that beat analyst expectations, sending its shares up 7.68% in after-hours trading on Tuesday.
The communications company posted revenue of $3.22 billion for the quarter, beating the consensus estimate of $3.21 billion. However, Lumen reported an adjusted loss per share of $0.13, which was worse than analysts’ expectations of a loss of $0.09 per share.
“The world’s largest technology companies are choosing Lumen to help build the backbone of the AI economy. In addition, businesses are realizing that every AI strategy requires a network strategy, and they’re coming to Lumen for help,” said Kate Johnson. , president and CEO of Lumen Technologies.
Lumen’s total revenue decreased 12% YoY, primarily due to the divestment of its EMEA business in November 2023. Revenue for the North America business segment decreased 7% YoY to $2.44 billion.
Mass Markets segment revenue fell 7% YoY to $685 million. However, Lumen reported a record quarter of net subscription additions at its Quantum (NASDAQ: ) Fiber business.
The company generated free cash flow of $1.2 billion in Q3, excluding special items. This was a significant improvement from $43 million in the same period last year.
Lumen updated its full-year 2024 outlook, raising its free cash flow guidance to $1.2-$1.4 billion from the previous range of $1.0-$1.2 billion. The company maintained its adjusted EBITDA forecast of $3.9-$4.0 billion.
Despite the revenue beat, Lumen continues to face challenges as it transforms its business. The company’s net loss widened to $148 million in Q3 from $78 million a year ago.
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