Lumen Technologies reported revenue of $3.800 billion for the fourth quarter 2022, compared to $4.847 billion for the fourth quarter 2021 and compared to Modified1 Revenue of $4.022 billion for the fourth quarter 2021.
The company reported a net Loss of $(3.069) billion for the fourth quarter 2022, which included a non-cash goodwill impairment charge of $3.271 billion, compared to reported Net Income of $508 million for the fourth quarter 2021. The reported diluted loss per share was ($3.08) for the fourth quarter 2022, compared to diluted earnings per share of $0.50 for the fourth quarter 2021.
“This year brings significant change for Lumen as we pivot to growth with a new leadership team and an energized group of highly skilled employees to execute on our plan,” said Kate Johnson, president and CEO of Lumen. “In 2023 we will be investing in and optimizing Lumen as we drive our five core priorities: develop customer obsession, innovate and invest for growth, build a reliable execution engine, radically simplify Lumen, and further develop our culture.”
On a conference call, Lumen executives said the company is lowering its residential Quantum Fiber expansion target from 12 million to between 8 million and 10 million lines. The new plan is to focus on markets where the company can be profitable, rather than deploying fiber as quickly as possible.
Lumen also confirmed that Colt has exercised its option to acquire the Lumen EMEA business following the completion of a French consultative process. The parties expect to enter into adefinitive purchase agreement in the next couple of days.
