Lumen Technologies Reports Q3 2024 Loss of $148 Million, Revenue Falls 12% YoY to $3.221 Billion; GAAP EPS -$0.15

Lumen Technologies reported its third-quarter earnings for 2024, revealing total revenue of $3.221 billion, a decline of 12% year-over-year from $3.641 billion. The company posted a net loss of $148 million, worsening from a loss of $78 million in the same quarter last year. The GAAP earnings per share (EPS) were reported at -$0.15, down from -$0.08 year-over-year. Adjusted EPS, which excludes special items, was -$0.13, falling short of the estimated -$0.09. Despite these challenges, Lumen raised its full-year free cash flow outlook to between $1.2 billion and $1.4 billion, up from a previous estimate of $1.0 billion to $1.2 billion. However, the company’s adjusted EBITDA of $899 million also missed expectations of $966.6 million. Analysts noted that while Lumen continues to pursue partnerships in Generative AI and expand network capacity, the lack of detailed disclosures regarding these initiatives raises concerns about the company’s future performance.