Lumen Technologies, a leading facilities-based technology and communications company, reported a decrease in consolidated operating revenue by 11% year-over-year for both the three and six months ended June 30, 2024, with figures standing at $3,268 million and $6,558 million respectively. This decline was partly attributed to the sale of the EMEA business and select CDN contracts in the fourth quarter of 2023. Operating expenses saw a significant reduction, dropping 74% and 59% for the three and six-month periods, primarily due to the absence of goodwill impairment charges that were recognized in the previous year. The company's net loss widened to $49 million for the quarter, compared to a net income of $8 million for the six-month period. Basic and diluted loss per share was...Show More

Lumen Technologies, a leading facilities-based technology and communications company, reported a decrease in consolidated operating revenue by 11% year-over-year for both the three and six months ended June 30, 2024, with figures standing at $3,268 million and $6,558 million respectively. This decline was partly attributed to the sale of the EMEA business and select CDN contracts in the fourth quarter of 2023. Operating expenses saw a significant reduction, dropping 74% and 59% for the three and six-month periods, primarily due to the absence of goodwill impairment charges that were recognized in the previous year. The company's net loss widened to $49 million for the quarter, compared to a net income of $8 million for the six-month period. Basic and diluted loss per share was reported at $0.05 for the quarter. Lumen's Business segment revenue decreased by 11% and 12% for the three and six-month periods, while the Mass Markets segment revenue declined by 8% and 9% respectively. The company's capital expenditures are projected to be between $3.1 billion and $3.3 billion for the full year 2024. Lumen also highlighted the impact of macroeconomic changes, including inflation and supply constraints, which could materially affect future financial results. Despite these challenges, Lumen continues to focus on enhancing network efficiencies, developing new services, and expanding its fiber network through the Quantum Fiber buildout plan.