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Lumen Technologies Inc LUMN shares are trading lower in Tuesday’s after-hours session after the company reported fourth-quarter results and issued weak guidance.
What Happened: Lumen reported fourth-quarter revenue of $3.80 billion, which beat average analyst estimates of $3.78 billion, according to Benzinga Pro. The company’s top-line results were down from $4.847 billion year-over-year.
Lumen reported fourth-quarter adjusted earnings of 43 cents per share, which may not compare to estimates of 19 cents per share.
The company said it generated a free cash flow of $126 million in the fourth quarter, down from $776 million in the fourth quarter of 2021.
Lumen also appointed Kate Johnson as president, CEO and a member of the company’s board.
“This year brings significant change for Lumen as we pivot to growth with a new leadership team and an energized group of highly skilled employees to execute on our plan,” Johnson said.
“In 2023, we will be investing in and optimizing Lumen as we drive our five core priorities: develop customer obsession, innovate and invest for growth, build a reliable execution engine, radically simplify Lumen, and further develop our culture.”
Lumen sees full-year 2023 adjusted EBITDA in a range of $4.6 billion to $4.8 billion compared to adjusted EBITDA of $6.858 billion in full-year 2022. 2023 free cash flow is expected to be flat to $200 million.
Lumen is one of the United States’ largest telecommunications carriers serving global enterprises.
See Also: Why Fortinet Stock Is Soaring After Hours
LUMN Price Action: Lumen shares are down 15.3% after hours at $4.23 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Lumen Technologies.
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Image and article originally from www.benzinga.com. Read the original article here.