Lumen Technologies, Inc. LUMN shares are up after the company reported its second-quarter financial results Tuesday. Here's a look at the details from the report.
The Details: Lumen Technologies reported quarterly losses of 13 cents per share, which missed the analyst consensus estimate of losses of 6 cents per share. Quarterly sales came in at $3.268 billion, which beat the analyst consensus estimate of $3.246 billion by 0.69%.
The company said it saw continued success in North American Large and Mid-Market Enterprise sales. Large and Mid-Market new logo sales increased and net total contract value for all channels was up year-over-year.
Read Also: What’s Going On With ZoomInfo Stock After Earnings?
“The rising demand of AI is requiring greater connectivity between data centers, and Lumen’s world-class fiber network and forward-thinking digital services are positioning us to help drive the AI growth wave,” said Kate Johnson, president and CEO of Lumen Technologies. “We feel confident in our future growth and business transformation as we look to enable the AI economy.”
Lumen’s stock has soared following a statement from the company Monday that it had secured $5 billion in new business driven by major demand for connectivity fueled by artificial intelligence (AI).
Outlook: Lumen cut its full-year adjusted EBITDA forecast from a range of $4.1 billion to $4.3 billion, to a range of $3.9 billion to $4 billion.
LUMN Price Action: According to Benzinga Pro, Lumen Technologies shares are up 60.20% after-hours at $8.01 after gaining 92.9% during regular trading Tuesday.
Read Next:
Image: Gerd Altmann from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
