Lumen Technologies (NYSE: LUMN) reported a net loss of $148 million for Q3 2024, compared to a $78 million loss in Q3 2023. Revenue fell to $3.221 billion, a 12% drop from the $3.641 billion reported last year, driven by lower enterprise and wholesale sales. Despite the losses, Lumen experienced record growth in its Quantum Fiber net subscriptions and saw rising interest in its Private Connectivity Fabric (PCF) and network-as-a-service (NaaS) products. These developments align with the company’s strategy to support AI-focused infrastructure for major tech players.
The company’s adjusted EBITDA for Q3 2024 was $899 million, down from $1.049 billion in Q3 2023. Lumen generated $1.2 billion in free cash flow this quarter, significantly improving from last year’s $43 million. To enhance financial stability, Lumen continues to reduce its debt through strategic growth in its digital services and PCF sales, which provide additional liquidity and financial flexibility.
Lumen’s focus on network services aims to cater to the evolving needs of large enterprises investing in AI infrastructure. “The largest technology companies in the world are choosing Lumen to help build the backbone for the AI economy,” said Kate Johnson, president and CEO of Lumen Technologies. “We continue to transform Lumen’s business while also leading a once-in-a-generation expansion of the internet.”
• Net loss: $148 million in Q3 2024, compared to $78 million in Q3 2023.
• Revenue: $3.221 billion, down from $3.641 billion in Q3 2023.
• Adjusted EBITDA: $899 million, down from $1.049 billion in Q3 2023.
• Free cash flow: $1.2 billion in Q3 2024, up from $43 million in Q3 2023.
• Key products: Quantum Fiber, Private Connectivity Fabric, and network-as-a-service offerings.
https://ir.lumen.com/files/doc_financials/2024/q3/Lumen-3Q24-Earnings-Pres-Final.pdf