Shares of Lumen Technologies Inc.
LUMN,
fell more than 13% in extended trading Wednesday after the telecom company reported a quarter. Lumen earned $578 million, or 57 cents a share, compared with $544 million, or 51 cents a share, in the third quarter of 2021. Excluding one-time items, Lumen earned 14 cents. one stock in the quarter. Revenue fell from $4.89 billion to $4.39 billion a year ago. Analysts polled by FactSet expect Lumen to report adjusted EPS of 36 cents a share on revenue of $4.41 billion. Lumen said that no dividends will be paid in the fourth quarter. The company announced the sale of its UK-based Colt Technology Services business in Europe, the Middle East and Africa for $1.8 billion, and said its board had authorized the purchase plan. share back in two years up to 1.5 billion USD. Shares of Lumen ended the normal trading day down 5.1%.
