Why Lumen Technologies Stock Was Up by the Mid-Teens Today
Shares of Lumen Technologies (NYSE: LUMN) were soaring Thursday, up as much as 16.9% before settling into a low-teens gain, following the release of third-quarter earnings after hours on Wednesday. The telecom company came into earnings at a very low valuation, so a few updates to guidance and some positive commentary regarding share buybacks and its dividend sent the stock soaring.
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In the third quarter, Lumen actually posted a 5.4% revenue decline, missing expectations, but its adjusted earnings per share of $0.49 beat expectations by a lot, as the company was able to manage costs and generate strong free cash flow.
Source Fool.com
