Why Lumen Stock Got Crushed Today

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Shares of Lumen Technologies (NYSE: LUMN) have gotten crushed today, down as much as 10%, after the company reported fourth-quarter earnings. The results were mixed compared to market expectations, and Lumen also said it would be recognizing a non-cash goodwill impairment charge. As of 12:20 p.m. EST, shares were down 8%.

Revenue in the fourth quarter was $5.13 billion, mostly on target with the $5.12 billion in sales analysts were expecting. That resulted in adjusted earnings per share of $0.48, which beat the consensus estimate of $0.30 per share in adjusted profits. The telecommunications company, which operates under the CenturyLink brand, lost approximately 19,000 consumer broadband subscribers during the quarter.

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