Why Lumen Technologies Stock Got Rocked Today
Struggling telecom and tech company Lumen Technologies (NYSE: LUMN) couldn't get over the hump of Hump Day. The company's share price took a more than 2% hit on Wednesday after first-quarter results were announced; by contrast the S&P 500 index slipped by a relatively modest 0.7%.
For its first quarter, Lumen booked total revenue of just over $3.7 billion, a comedown from the nearly $4.7 billion it earned in the same period of 2022. Non-GAAP (generally accepted accounting principles) adjusted net income fell even more precipitously, diving to $97 million ($0.10 per share) from the year-ago tally of $636 million. As for free cash flow (FCF), it plunged into negative territory at $75 million, against first-quarter 2022's $846 million surplus.
While revenue was broadly in line with analyst estimates, net income missed on the consensus. Collectively, those prognosticators were expecting adjusted profitability to reach $0.14 per share.
Source Fool.com
