Summary by Moomoo AI
Lumen Technologies reported Q2 2024 revenue of $3.27B, down 10.7% YoY, with a net loss of $49M compared to an $8.74B loss in Q2 2023. Adjusted EBITDA excluding special items was $1.01B, declining 17.7% YoY, with margins contracting 270 basis points to 30.9%. Free cash flow was negative $156M excluding special items.The company achieved its strongest fiber broadband performance with 40,000 net subscriber additions and enabled 136,000 new fiber locations in Q2. Mass Markets fiber broadband revenue grew 14.6% YoY, with fiber revenue contributing 38% of total broadband revenue.Lumen revised its full-year 2024 outlook, lowering adjusted EBITDA guidance to $3.9-4.0B from $4.1-4.3B previously, while raising its free cash flow forecast to $1.0-1.2B from $100-300M. Capital expenditure guidance was increased to $3.1-3.3B from $2.7-2.9B as the company continues to invest in its fiber network expansion and AI-ready infrastructure.
