Lumen Technologies, Inc. reported results for the third quarter ended September 30, 2024.
Big tech is choosing Lumen to build the backbone for the AI economy
Continued operational progress and sales momentum across our growth portfolio. Record quarter for net subscription adds in Quantum Fiber business.
Delivered new Lumen Private Connectivity Fabric (or PCF) sales since our last earnings report, which provides additional liquidity and flexibility to continue reducing our overall debt profile.
Growing adoption of Lumen Digital’s unique capabilities. Promising network-as-a-service adoption metrics helping to grow future enterprise revenue in digital services.
“The largest technology companies in the world are choosing Lumen to help build the backbone for the AI economy. What’s more, enterprises are recognizing that every AI strategy needs a network strategy, and they’re coming to Lumen for help,” said Kate Johnson, president and CEO of Lumen Technologies. “We continue to transform Lumen’s business while also leading a once in a generation expansion of the internet.”
Reported Net Loss of $(148) million for the third quarter 2024, compared to reported Net Loss of $(78) million for the third quarter 2023
Reported diluted loss per share of $(0.15) for the third quarter 2024, compared to diluted loss per share of $(0.08) for the third quarter 2023. Excluding Special Items, diluted loss per share was $(0.13) for the third quarter 2024, compared to $(0.09) diluted loss per share for the third quarter 2023
Generated Adjusted EBITDA of $899 million for the third quarter 2024, compared to $1.049 billion for the third quarter 2023, excluding the effects of Special Items of $56 million and $55 million, respectively
Reported Net Cash Provided by Operating Activities of $2.0 billion for the third quarter 2024
Generated Free Cash Flow of $1.2 billion for the third quarter 2024, excluding cash paid for Special Items of $16 million, compared to Free Cash Flow of $43 million, excluding cash paid for specials items of $5 million, for the third quarter 2023
