LUMN - Why Lumen Technologies Stock Jumped 12.6% on Wednesday
2024-02-07 16:00:41 ET
Shares of tech solutions company Lumen Technologies (NYSE: LUMN) jumped as much as 12.6% in trading on Wednesday after reporting fourth-quarter 2023 financial results. Shares were up 8.1% at 3:30 p.m. ET.
Quarterly revenue fell 7.4% to $3.5 billion, and net loss improved from $3.1 billion a year ago to $2 billion. But those two quarters included noncash goodwill impairment charges of $3.3 billion and $1.9 billion, respectively.
Adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ), which is a proxy for the cash flow generated by the core business, was $1.1 billion for the quarter, and cash generated by operating activities was $784 million.
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Why Lumen Technologies Stock Jumped 12.6% on Wednesday