Lumen Technologies reported its third-quarter 2024 financial results on November 5th, 2024. Here are the key highlights:

Lumen reported a net loss of $148 million, or $0.15 per diluted share, for the third quarter of 2024. This was wider than the net loss of $78 million, or $0.08 per diluted share, in the same quarter last year. Excluding special items, the adjusted loss per diluted share was $0.13, missing analysts' expectations of $0.09.

Total revenue for the quarter was $3.22 billion, a 12% decrease from $3.64 billion in the third quarter of 2023. However, this slightly beat analysts' consensus estimate of $3.21 billion.

Lumen's Adjusted EBITDA for the third quarter was $899 million, down 14% from $1.049 billion in the prior year period. The Adjusted EBITDA margin was 27.9%, compared to 28.8% in Q3 2023.

On a positive note, the company raised its full-year 2024 free cash flow outlook to $1.2 billion to $1.4 billion, up from its previous guidance of $1.0 billion to $1.2 billion. This was driven by strong execution and momentum in its growth portfolio.

Lumen's CEO Kate Johnson highlighted the company's strategic positioning to support the growing demand for AI infrastructure, stating that "The largest technology companies in the world are choosing Lumen to help build the backbone for the AI economy."