Why Lumen Stock Is Jumping This Week
Lumen (NYSE: LUMN) stock is gaining this week following the publication of its fourth-quarter results. The company's share price was up 13.1% as of 11:45 a.m. ET, according to data from S&P Global Market Intelligence.
Lumen reported Q4 results on Feb. 6, delivering sales and earnings performance in the period that came in better than Wall Street had anticipated. The telecom company posted non-GAAP (adjusted) earnings per share of $0.08 on sales of $3.52 billion in the quarter. For comparison, the average analyst estimate had called for an adjusted loss per share of $0.01 on sales of 3.46 billion.
Lumen's fourth-quarter revenue declined 7.4% year over year, but the dip was lower than expected. Adjusted margins for the period were also far better than Wall Street's targets. The business's pivot to fiber-based internet and networking technology services showed some moderate signs of progress in Q4, and the company's guidance for 2024 was encouraging.
Source Fool.com
