Lumen Technologies, a leading telecommunication company, has announced that its loss has significantly decreased in the fourth quarter of the fiscal year. Despite a decline in revenue, the company's loss narrowed to approximately $2 billion, or $2.03 per share, compared to a loss of $3.07 billion, or $3.08 per share, in the same period last year. Analysts had predicted an adjusted loss of 2 cents per share, but Lumen Technologies exceeded this expectation with adjusted earnings of 8 cents per share.
The company's revenue experienced a 7% decline, totaling $3.52 billion as opposed to the expected $3.45 billion. Despite this dip, Chief Executive Kate Johnson expressed satisfaction with the performance, stating, "I am pleased to report that we delivered our 2023 earnings before interest, taxes, depreciation, and amortization (EBITDA) and free cash flow guidance, and we made material progress on our strategic priorities."
Looking towards the future, Lumen Technologies has provided projections for 2024. The company forecasts adjusted EBITDA between $4.1 billion and $4.3 billion, as well as free cash flow ranging from $100 million to $300 million. Analysts previously estimated adjusted EBITDA of $4.18 billion and $209.8 million in free cash flow for the same period.
This positive news demonstrates Lumen Technologies' ability to thrive amidst challenging circumstances, showcasing their commitment to meeting financial targets and executing strategic initiatives.
