1 year ago
Lumen Narrows Loss, Boosts Forecast Due to Tax Savings
Lumen, a telecom company, had a better quarter than expected.
They lost less money than analysts thought they would.
They also now predict they will have a lot more extra cash by 2025.
This is because of the new tax laws, which help them save money.
They sold part of their business to another company called AT&T.
This sale is helping them focus on other parts of their business.
Lumen Technologies reported a smaller-than-expected second-quarter loss.
The company raised its full-year free cash flow forecast by over 60%.
The improved forecast is attributed to cost savings from tax cuts.
Revenue for the quarter was $3.09 billion, slightly below estimates.
Lumen sold its consumer fiber business to AT&T for $5.75 billion.
- Who
- Lumen Technologies, a telecom and networking firm.
- What
- Lumen Technologies reported a smaller-than-expected loss and raised its free cash flow forecast.
- Where
- N/A
- When
- The second quarter ended June 30.
- Why
- Because of cost savings from tax cuts and the sale of their consumer fiber business.
Key facts
- Adjusted Loss per Share
- 3 cents
- Expected Free Cash Flow (2025)
- $1.2 billion - $1.4 billion
- Previous Free Cash Flow Forecast
- $700 million - $900 million
- Revenue
- $3.09 billion
- Sale to AT&T
- $5.75 billion
