Lumen Technologies, a leading facilities-based technology and communications company, reported a decrease in operating revenue from $3,641 million in Q3 2023 to $3,221 million in Q3 2024, marking a 12% year-on-year decline. The company's operating expenses also saw a reduction from $3,418 million to $3,095 million over the same period, a 9% decrease. Despite reduced expenses, Lumen experienced a net loss of $148 million in Q3 2024, compared to a $78 million loss in the previous year. The basic and diluted loss per common share stood at $0.15 for Q3 2024, a slight increase from the $0.08 loss per share in Q3 2023. The company's financial performance was impacted by macroeconomic changes, including increased costs due to fiber construction demand and operational challenges from inflation and supply shortages. Lumen's Business Segment revenue declined by...Show More

Lumen Technologies, a leading facilities-based technology and communications company, reported a decrease in operating revenue from $3,641 million in Q3 2023 to $3,221 million in Q3 2024, marking a 12% year-on-year decline. The company's operating expenses also saw a reduction from $3,418 million to $3,095 million over the same period, a 9% decrease. Despite reduced expenses, Lumen experienced a net loss of $148 million in Q3 2024, compared to a $78 million loss in the previous year. The basic and diluted loss per common share stood at $0.15 for Q3 2024, a slight increase from the $0.08 loss per share in Q3 2023. The company's financial performance was impacted by macroeconomic changes, including increased costs due to fiber construction demand and operational challenges from inflation and supply shortages. Lumen's Business Segment revenue declined by 13% to $2,536 million, while the Mass Markets Segment revenue decreased by 7% to $685 million. The company's future plans include a focus on expanding and enhancing its fiber network, with projected capital expenditures of approximately $3.1 billion to $3.3 billion for the full year 2024. Lumen also announced the sale of $5 billion in new Private Connectivity Fabric solutions, with the majority of cash expected over the next 3 to 4 years, which will fund network expansion projects and potentially accelerate network simplification initiatives.