Why Lumen Technologies Stock Is Falling Hard Today
Shares of Lumen Technologies (NYSE: LUMN), a telecommunications company, were tumbling this morning after it reported its second-quarter results. Investors were concerned about the company's massive $8.74 billion loss in the quarter, a steep drop from the gain of $344 million in the year-ago quarter.
The tech company's share price was down by 14.2% as of 11:42 a.m. ET.
Many Lumen investors had already headed for the exits this year, and the company's latest financial results convinced more of them to look for the doors. Today's investor bolt stems from Lumen's noncash goodwill impairment charge of $8.79 billion for the quarter.
Source Fool.com
