10 Stocks Investors Are Dumping Fast

7. Lumen Technologies, Inc. (NYSE:LUMN)

Lumen Technologies saw its share prices decline for a third straight day on Friday, slashing 16.63 percent to close at $3.71 apiece after a disappointing earnings performance in the second quarter of the year.

In its earnings release, Lumen Technologies, Inc. (NYSE:LUMN) said it widened its net loss by 1,767 percent to $915 million from the $49 million in the same period last year. Revenues decreased by 5 percent to $3.09 billion from $3.27 billion year-on-year.

According to the company, the wider net loss was primarily due to the refinancing of certain debt instruments and credit facilities during the past two quarters, among others.

In the first half, Lumen Technologies, Inc. (NYSE:LUMN) swung to a net loss of $1.1 billion from an $8 million net profit in the first six months of 2024, while revenues also declined by 4 percent to $6.27 billion from $6.56 billion.

Kate Johnson, Lumen Technologies, Inc.’s (NYSE:LUMN) president and CEO, said that the firm is currently building a stronger and more modern company.

“With the sale of our consumer fiber business, successful debt refinancing, and continued modernization gains, we’re laying our foundation for future revenue growth,” she noted.