Lumen Technologies (LUMN) Extends Losing Streak on Wider Losses

We recently published 10 Stocks Investors Are Dumping Fast. Lumen Technologies, Inc. (NYSE:LUMN) is one of the worst-performing stocks on Friday.

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.

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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.