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Lumen Technologies Inc (NYSE:LUMN) reported a net loss of $78 million for Q3 2023, compared to a net income of $578 million for Q3 2022.
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Enterprise Channel revenue increased to $2.124 billion for Q3 2023, showing a significant improvement year over year.
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Adjusted EBITDA was $1.049 billion for Q3 2023, compared to $1.688 billion for Q3 2022.
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Free Cash Flow was $43 million for Q3 2023, compared to $620 million for Q3 2022.
Lumen Technologies Inc (NYSE:LUMN) released its third-quarter earnings report on October 31, 2023. The company reported a net loss of $78 million for Q3 2023, compared to a net income of $578 million for Q3 2022. Despite the net loss, the company saw an increase in its Enterprise Channel revenue, which rose to $2.124 billion for Q3 2023, compared to $2.100 billion for Q2 2023.
Financial Highlights
Lumen Technologies Inc (NYSE:LUMN) reported total revenue of $3.641 billion for Q3 2023, compared to $4.390 billion for Q3 2022. The company’s Business Segment Revenue was $2.894 billion, while the Mass Markets Segment Revenue was $747 million.
The company reported a diluted loss per share of $(0.08) for Q3 2023, compared to diluted earnings per share of $0.57 for Q3 2022. Excluding Special Items, the diluted loss per share was $(0.09) for Q3 2023, compared to $0.14 diluted earnings per share for Q3 2022.
Lumen Technologies Inc (NYSE:LUMN) generated Adjusted EBITDA of $1.049 billion for Q3 2023, compared to $1.688 billion for Q3 2022. The company also reported Net Cash Provided by Operating Activities of $881 million for Q3 2023.
Company’s Performance and Future Outlook
Lumen Technologies Inc (NYSE:LUMN) has made significant progress in operational improvements and is looking forward to the close of its EMEA transaction. The company reiterated its full-year 2023 financial outlook, expecting Adjusted EBITDA to be between $4.6 to $4.8 billion and Free Cash Flow to be between $0 to $200 million.
The company’s management team will host a conference call to discuss the third quarter results and provide additional information regarding the company’s performance and future outlook.
About Lumen Technologies Inc (NYSE:LUMN)
Lumen Technologies connects the world by igniting business growth through connecting people, data, and applications quickly, securely, and effortlessly. The company’s network strength is utilized in everything it does, from metro connectivity to long-haul data transport to its edge cloud, security, and managed service capabilities.
Explore the complete 8-K earnings release (here) from Lumen Technologies Inc for further details.
This article first appeared on GuruFocus.
