Lumen Technologies Reports Q2 Loss, Illumina Revenue Declines

Lumen Technologies reported its Q2 2024 earnings with an adjusted loss per share of $0.13, missing the estimated loss of $0.06. The company achieved a revenue of $3.27 billion, slightly above the estimated $3.25 billion. Lumen's full-year 2024 adjusted EBITDA outlook is projected to be between $3.9 billion and $4.0 billion, with capital expenditures expected to range from $3.1 billion to $3.3 billion. The company also estimated cash interest to be between $1.15 billion and $1.25 billion and free cash flow in the range of $1 billion to $1.2 billion. Additionally, Illumina reported Q2 2024 revenue of $1.112 billion, surpassing the IBES estimate of $1.080 billion. However, the company experienced a 6% decline in core revenue compared to Q2 2023. Illumina's EBIT margin was -147.2%, while its adjusted EBIT margin stood at 7.6%. The gross margin was 64.8%, and the adjusted gross margin was 69%. The company also reported a non-GAAP operating margin of 22.2%. Illumina lowered its core revenue guidance for the third quarter of 2024 due to a decrease in NovaSeq X Instrument shipments.