{"id":43356,"date":"2023-08-02T03:01:20","date_gmt":"2023-08-02T07:01:20","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/lumen-technologies-shares-slide-after-posting-loss-of-nearly-9-billion\/"},"modified":"2023-08-02T03:01:22","modified_gmt":"2023-08-02T07:01:22","slug":"lumen-technologies-shares-slide-after-posting-loss-of-nearly-9-billion","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43356","title":{"rendered":"Lumen Technologies shares slide after posting loss of nearly $9 billion"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A street sign marks Wall Street outside the New York Stock Exchange (NYSE) in New York, U.S., February 24, 2022. REUTERS\/Caitlin Ochs\/File Photo<\/span>
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(Reuters) – Lumen Technologies reported a massive quarterly net loss of $8.74 billion on Tuesday, hurt by an impairment charge of nearly $9 billion in the second quarter.<\/p>\n

Shares of the Monroe, Louisiana-based company, which has lost more than 61% of their value this year, dropped more than 8% in trading after the bell.<\/p>\n

The company, whose second-quarter loss was more than four times its $2 billion market capitalization, recorded a steep fall from a profit of $344 million a year ago.<\/p>\n

Lumen said it recorded a non-cash impairment charge of $8.8 billion in the quarter, triggered by a sustained decline in their share price and variance in the market valuation in the April-June period. <\/p>\n

The telecommunication services company has been experiencing continued weakness along with massive debt, while a decline in traditional internet services has hurt its top-line growth.<\/p>\n

The company said its long-term debt at the end of the second quarter was $19.9 billion, down from $20.42 billion, at the end of last year.<\/p>\n

Lumen is undergoing a tedious digital transformation process as it tries to navigate digitizing its operations in an already inflation-hit and competitive economy. <\/p>\n

It still has a long way to see satisfactory profitability as it faces stiff competition from wireless carrier.<\/p>\n

Lumen also shuttered its non-value adding businesses, a move which while being positive to its long-term growth, is affecting its near-term results. <\/p>\n

Revenue in the second quarter stood at $3.66 billion, narrowly missing analysts’ average estimate of $3.67 billion, according to Refinitiv data. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A street sign marks Wall Street outside the New York Stock Exchange (NYSE) in New York, U.S., February 24, 2022. REUTERS\/Caitlin Ochs\/File Photo (Reuters) – Lumen Technologies reported a massive quarterly net loss of $8.74 billion on Tuesday, hurt by an impairment charge of nearly $9 billion in the second quarter. […]<\/p>\n","protected":false},"author":1,"featured_media":5426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-43356","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nLumen Technologies shares slide after posting loss of nearly $9 billion | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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