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LUMN NYSE· Lumen Technologies Inc
Earnings report Q3 2023

LUMN Reports Decline in Operating Revenue for the Latest Quarter

Segments of revenue

LUMN Technologies, Inc. reported operating revenue of $3.64 billion for the three months ended September 30, 2023, compared to $4.39 billion in the same period last year. For the nine months ended September 30, 2023, the company's operating revenue was $11.04 billion, down from $13.68 billion in the prior year.

Strengths

Despite the decline in operating revenue, LUMN Technologies highlighted several strengths in its financial performance. The company noted that the decrease in revenue was primarily driven by lower demand for certain services and products, as well as the impact of the ongoing global supply chain challenges. Management emphasized that they have been actively managing costs and optimizing their operations to mitigate the impact of these challenges.

Challenges

The decline in operating revenue poses a significant challenge for LUMN Technologies. The company experienced lower demand for its services and products, which impacted its overall revenue. Additionally, the ongoing global supply chain challenges have further affected the company's performance. These challenges highlight the need for LUMN Technologies to adapt and innovate in order to regain growth momentum.

Noteworthy

One noteworthy aspect of LUMN Technologies' performance is the gain on the sale of a business, which amounted to $593 million in the nine months ended September 30, 2023. This gain partially offset the decline in operating revenue and contributed to the company's overall financial position.

Summary

LUMN Technologies reported a decline in operating revenue for the latest quarter, primarily driven by lower demand for certain services and products, as well as the impact of global supply chain challenges. Despite these challenges, the company highlighted its strengths in actively managing costs and optimizing operations. The gain on the sale of a business partially offset the decline in revenue. Going forward, LUMN Technologies will need to address the challenges it faces and focus on innovation to regain growth momentum.

Source documents

Form 10-Q  filed on Oct 31, 2023
93 pages scanned

Reference data

Company financials Q3 revenue 3.52B
Analyst estimates Q3 EPS missed by -791.44%
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