Lumen Technologies Drops 15% As Earnings Fall Shy Of Estimates

(RTTNews) - Shares of telecommunications company Lumen Technologies, Inc. (LUMN) are down more than 15% Thursday morning after reporting fourth-quarter earnings below the consensus estimate.

The company reported net income of $508 million or $0.50 per share in the fourth quarter, compared with net loss of $2.289 billion or $2.12 per share in the same quarter a year ago, which included a non-cash impairment charge of $2.642 billion.

Excluding one-time items, earnings were $0.51 per share, that missed the average estimate of analysts polled by Thomson Reuters at $0.53 per share.

Revenue for the quarter declined to $4.847 billion from $5.125 billion last year.

LUMN, currently at $10.78, touched a new 52-week low of $10.74 this morning.