Lumen Technologies reported total revenue of $3.221 billion for the third quarter of 2024, a 12% decrease compared to $3.641 billion in the prior-year period. The company posted a net loss of $(148) million, or $(0.15) diluted loss per common share, compared to a net loss of $(78) million, or $(0.08) diluted loss per common share, in Q3 2023.
Adjusted EBITDA, excluding Special Items, was $899 million, down from $1.049 billion in Q3 2023. Despite revenue declines, Free Cash Flow, excluding Special Items, significantly improved to $1.198 billion in Q3 2024, compared to $43 million in Q3 2023, partly due to a $700 million tax refund received in Q1 2024.
Lumen updated its full-year 2024 financial outlook, raising its Free Cash Flow guidance to $1.2 billion to $1.4 billion from the previous $1.0 billion to $1.2 billion range. The company reiterated its Adjusted EBITDA guidance of $3.9 billion to $4.0 billion, emphasizing its role in building the backbone for the AI economy with major tech companies.
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