Financial Performance - Reported Net Loss of $(148) million for Q3 2024, compared to $(78) million for Q3 2023, representing a 90% increase in net loss year-over-year [4] - Adjusted EBITDA for Q3 2024 was $899 million, down 14% from $1.049 billion in Q3 2023 [4] - Total Revenue for Q3 2024 was $3.221 billion, a decrease of 12% compared to $3.641 billion in Q3 2023 [6] - Operating Income for Q3 2024 was $126 million, a decrease of 43% from $223 million in Q3 2023 [25] - Basic Loss Per Share for Q3 2024 was $(0.15), an increase of 88% compared to $(0.08) in Q3 2023 [25] - Total Operating Expenses decreased by 9% to $3.095 billion in Q3 2024 from $3.418 billion in Q3 2023 [25] - Adjusted EBITDA and Adjusted EBITDA Margin metrics are used to evaluate profitability and operating performance, although specific figures were not provided in the documents [36][37] Cash Flow and Liquidity - Free Cash Flow for Q3 2024 was $1.182 billion, significantly up from $38 million in Q3 2023 [6] - The company generated Net Cash Provided by Operating Activities of $2.032 billion in Q3 2024, up from $881 million in Q3 2023 [6] - Free Cash Flow, excluding Special Items, was $1.198 billion in Q3 2024, significantly up from $43 million in Q3 2023 [12] - Free Cash Flow guidance for 2024 has been raised to a range of $1.2 billion to $1.4 billion, up from the previous range of $1.0 billion to $1.2 billion [14] - Lumen Technologies reported a net cash provided by operating activities of $2,032 million for Q3 2024, compared to $881 million in Q3 2023 [48] - The company achieved a Free Cash Flow of $1,182 million in Q3 2024, significantly up from $38 million in Q3 2023 [48] Revenue Breakdown - North America Business Revenue decreased by 7% year-over-year to $2.443 billion in Q3 2024 from $2.641 billion in Q3 2023 [6] - International and Other revenue dropped 65% year-over-year to $93 million in Q3 2024 from $264 million in Q3 2023 [10] - Total Revenue for Q3 2024 was $3.221 billion, a decrease of 12% compared to $3.641 billion in Q3 2023 [11] - Total revenue for Q3 2024 was $3,221 million, a decrease from $3,641 million in Q3 2023 [50] Debt and Equity - Long-term debt decreased from $19,831 million to $18,142 million, reflecting the company's efforts to manage its debt levels [27] - The total stockholders' equity decreased from $417 million to $342 million, indicating a decline in the company's net worth [27] - Total current liabilities rose from $3,534 million to $3,940 million, primarily due to an increase in current maturities of long-term debt from $157 million to $415 million [27] Subscriber Growth - Fiber broadband subscribers grew to 1,035 thousand in Q3 2024, up from 992 thousand in Q2 2024 and 896 thousand in Q3 2023 [30] - The company continues to see sales momentum in its Quantum Fiber business, achieving record net subscription adds [2] Special Items and Costs - Special items impacting Adjusted EBITDA totaled $56 million in Q3 2024, compared to $55 million in Q3 2023 [46] - The company incurred transaction and separation costs of $41 million in Q3 2024, up from $28 million in Q3 2023 [46] - Severance costs for Q3 2024 were $12 million, compared to $8 million in Q3 2023 [46] Outlook - The updated full-year 2024 financial outlook for Adjusted EBITDA is projected to be between $3.9 billion and $4.0 billion, unchanged from the previous outlook [14] - The company expects Adjusted EBITDA for the twelve months ending December 31, 2024, to be in the range of $3,900 million to $4,000 million [53] - Lumen anticipates Free Cash Flow for the twelve months ending December 31, 2024, to be between $1,200 million and $1,400 million [53] Tax and Cash Position - The company received an approximately $700 million tax refund during Q1 2024 [14] - As of September 30, 2024, Lumen had cash and cash equivalents of $2.640 billion [12] - Cash and cash equivalents increased from $2,234 million at the end of 2023 to $2,640 million by September 30, 2024 [27] Other Financial Metrics - Capital Expenditures for Q3 2024 were $850 million, a slight increase from $843 million in Q3 2023 [10] - The company reported a change in deferred revenue of $1,572 million for the nine months ended September 30, 2024, compared to $161 million in the same period of 2023 [28] - Net loss for the nine months ended September 30, 2024, was $140 million, a significant improvement compared to a net loss of $8,303 million in the same period of 2023 [28] - Total assets decreased slightly from $34,018 million on December 31, 2023, to $33,989 million on September 30, 2024 [27]

DENVER, Nov. 5, 2024 /PRNewswire/ -- Lumen Technologies, Inc. (NYSE: LUMN) reported results for the third quarter ended September 30, 2024.Big Tech is Choosing Lumen to Build the Backbone for the AI Economy Continued operational progress and sales momentum across our growth portfolio. Record quarter for net subscription adds in Quantum Fiber business. Delivered new Lumen Private Connectivity Fabric (or PCF) sales since our last earnings report, which provides additional liquidity and flexibility to continue ...

Google Cloud underpins Lumen® Digital Twin technology, providing proactive insights across the Lumen network Google Cloud's Vertex AI platform enables new AI-powered applications to assist Lumen technicians and customer support teams Lumen Private Connectivity Fabric℠ will expand Google's network to support demand growth for Google Cloud's products and AI innovations DENVER, Nov. 5, 2024 /PRNewswire/ -- Lumen Technologies (NYSE: LUMN) announced a partnership with Google Cloud that is accelerating Lumen's ...

Lumen Technologies, Inc (LUMN) is scheduled to report third-quarter 2024 results on Nov. 5.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. The Zacks Consensus Estimate for total revenues is pegged at $3.2 billion, indicating a fall of 12% from a year ago. The consensus estimate for earnings is currently pegged at a loss of 5 cents per share. In the year-ago quarter, LUMN reported a loss of 9 cents per share.The company missed the Zacks Consensus Estimate in three of the last four q ...

This little AI software company needs to prove it can grow in the shadow of its bigger competitors. Lumen Technologies was one of the greatest comeback stories of 2024. The struggling telecom company's stock had dropped below $1 this June as investors fretted over the slow death of its business wireline segment. But it skyrocketed back to about $6 over the past four months as it secured several major AI deals. Microsoft mainly saved Lumen, which awarded it an artificial intelligence (AI) connectivity contra ...

Group 1: Lumen Technologies - Lumen Technologies operates one of the largest interconnected fiber-optic cable networks, providing high-speed internet, cable television, and phone services, with its stock increasing by approximately 250% this year due to AI-related demand [2] - The company reported $5 billion in new business attributed to AI demand, but short sellers question the sustainability of this valuation and the actual benefits from the AI boom [3][4] - Wall Street analysts show skepticism, with no buy ratings, five holds, and three sells, indicating an average price target of $4.09, suggesting about 38% downside [4] Group 2: Super Micro Computer - Super Micro Computer is the most shorted stock in the S&P 500, with over 21% of its outstanding float sold short, and its stock has surged 68% this year due to perceived demand from AI infrastructure [5] - Allegations of accounting malfeasance have resurfaced, with claims that management has reverted to incorrect accounting practices, raising concerns about the company's financial integrity [5][6] - Analysts are divided, with three recommending a buy, ten holding, and one selling, and an average price target suggesting a 34% upside from the current stock price [6]

Group 1: Partnership and Network Expansion - Lumen Technologies has partnered with Meta Platforms to enhance Meta's network capabilities, providing dedicated interconnection for its infrastructure [1] - Lumen's Private Connectivity Fabric (PCF) is aimed at supplying the necessary network capacity for AI development, offering exclusive access to fiber routes connecting data centers [1][2] Group 2: Demand for AI Connectivity - The rising interest in AI is driving significant demand for Lumen's PCF solutions, with the company securing $5 billion in new business due to this trend [3] - Microsoft has selected Lumen to improve its network capacity to meet the growing needs of its data centers, driven by the rapid expansion of AI technology [3] Group 3: Financial Performance and Outlook - Lumen's total revenues declined by 10.7% year over year to $3,268 million in Q2, impacted by divestitures and the sale of its CDN business [4] - The company has lowered its adjusted EBITDA guidance for 2024 to a range of $3.9-$4 billion, down from the previous guidance of $4.1-$4.3 billion [4] - Lumen expects to secure additional AI deals worth $7 billion, although increasing competition may hinder revenue growth [4] Group 4: Stock Performance - Lumen currently holds a Zacks Rank of 5 (Strong Sell), despite its shares increasing by 405.4% over the past year, compared to a 63.1% growth in the sub-industry [5]

Lumen stock got off to a red-hot start thanks to AI news today, but it hasn't held on to those early gains.Lumen Technologies (LUMN -2.15%) stock is surging in today's trading. The telecommunications company's share price was up down 2.5% as of 2:30 p.m. ET, after having been up as much as 15.4% earlier in the day's trading.Lumen stock is making big gains following an announcement that the company has signed a new deal with Meta Platforms (META -0.63%) to provide network infrastructure and services. Through ...

Lumen's Private Connectivity Fabric℠ enables long-term network capacity for Meta's AI DENVER, Oct. 21, 2024 /PRNewswire/ -- Lumen Technologies (NYSE: LUMN) and Meta are partnering to significantly increase Meta's network capacity and help drive its bold AI ambitions. The expanded network will provide dedicated interconnection for Meta's industry-leading infrastructure, strengthening and increasing the company's ability to lead in AI development. This increase in capability is another differentiator that wil ...

Assuming it does not get bought out, Lumen now has a tremendous opportunity. Three months ago, if you asked investors where telco Lumen Technologies (LUMN 0.78%) would be in five years, they might have argued about whether it would exist at all. Heavily indebted and priced like a stock headed into bankruptcy, most investors had lost faith in the company. Perceptions changed in late July when it announced a partnership with Microsoft to connect its data centers and expand its network capacity. Lumen has sinc ...