Why Lumen Technologies Stock Is Crashing Today
Lumen Technologies (NYSE: LUMN) stock is plummeting on the heels of its recent third-quarter earnings release. The company's share price was down 27.4% as of 1:30 p.m. ET, according to data from S&P Global Market Intelligence.
Lumen published its Q3 results after the market closed yesterday, reporting earnings for the period that fell short of Wall Street's expectations. While sales for the period did come in higher than anticipated, investors are seeing worrying signs in the company's latest report and financing moves.
Lumen posted a non-GAAP (adjusted) loss of $0.09 per share on revenue of $3.64 billion in the third quarter. Meanwhile, the average analyst estimate had called for an adjusted profit of $0.06 per share on revenue of approximately $3.61 billion. While sales did come in roughly $30 million higher than the midpoint analyst target, revenue for the period was still down roughly 17% year over year.
Source Fool.com
