Lumen Technologies Inc.’s LUMN, -2.01% stock gained more than 2% in extended trading Tuesday after the telecommunications computing reported quarterly results.
Lumen Technologies reported a fiscal third-quarter net loss of $78 million, or 8 cents a share, compared with net earnings of $578 million, or 57 cents a share, in the year-ago quarter. Revenue was $3.64 billion, compared with $4.4 billion a year ago. Analysts surveyed by FactSet had expected on average net earnings of 4 cents a share on revenue of $3.6 billion. Shares of Lumen Technologies have plunged 72% this year, while the broader S&P 500 index SPX, +0.65% has increased 9%.
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