Stock on pace for lowest close since October 1984
Lumen Technologies Inc. shares were flirting with their worst-ever daily performance Wednesday as news of an agreement with creditors failed to outweigh disappointing commentary on revenue-growth expectations.
“Revenue growth excluding other revenue did not improve in Q3, and management’s expectation of better performance got pushed back until mid-2024,” MoffettNathanson analyst Nick Del Deo wrote in a note to clients late Tuesday.Executives at the telecommunications company, once known as CenturyLink, have “implied that the company’s results should get worse before they get better.
management called for at its analyst day several months ago – such that benefits would start showing up in a visible way in early 2024.”Citi Research analyst Michael Rollins highlighted that Lumen is scaling back its fiber-deployment plans. Rollins is further concerned “that the turnaround may take longer and be more costly, especially with some of the disclosed capital constraints.”Frank Louthan of Raymond James stayed on the sidelines on the stock, while highlighting the company’s work to reach an agreement with its creditors.
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Lumen Technologies’ stock rises on revenue beatJon Swartz is a senior reporter for MarketWatch in San Francisco, covering many of the biggest players in tech, including Netflix, Facebook and Google. Jon has covered technology for more than 20 years, and previously worked for Barron's and USA Today. Follow him on Twitter jswartz.
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