LUMN - Why Lumen Stock Is Jumping This Week
2024-02-09 12:49:21 ET
Lumen (NYSE: LUMN) stock is gaining this week following the publication of its fourth-quarter results. The company's share price was up 13.1% as of 11:45 a.m. ET, according to data from S&P Global Market Intelligence .
Lumen reported Q4 results on Feb. 6, delivering sales and earnings performance in the period that came in better than Wall Street had anticipated. The telecom company posted non-GAAP (adjusted) earnings per share of $0.08 on sales of $3.52 billion in the quarter. For comparison, the average analyst estimate had called for an adjusted loss per share of $0.01 on sales of 3.46 billion.
Lumen's fourth-quarter revenue declined 7.4% year over year, but the dip was lower than expected. Adjusted margins for the period were also far better than Wall Street's targets. The business's pivot to fiber-based internet and networking technology services showed some moderate signs of progress in Q4, and the company's guidance for 2024 was encouraging.
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Why Lumen Stock Is Jumping This Week