Lumen Technologies Inc. ($LUMN) saw its stock price plunge about 8% in pre-market trading on Monday after reporting disappointing third-quarter results. The telecommunications company reported a wider-than-expected loss and revenue that fell sharply year-over-year.

For the quarter ended September 30, 2024, Lumen posted an adjusted loss of $0.13 per share, missing analysts' expectations of a $0.09 loss per share. Revenue declined 11.5% to $3.22 billion, slightly ahead of the $3.21 billion consensus estimate.

The company's legacy business continued to be a drag, with revenue from its Business segment down 12.7% year-over-year to $2.54 billion. Lumen's Mass Markets segment, which includes its consumer broadband offerings, saw revenue fall 6.9% to $685 million.

Lumen raised its full-year 2024 free cash flow guidance to a range of $1.2 billion to $1.4 billion, up from its previous outlook of $1.0 billion to $1.2 billion. However, the company warned that adjusted EBITDA is expected to decline year-over-year in 2025 due to continued legacy revenue declines and transformation costs.