Summary by Moomoo AI
Lumen Technologies, a leading facilities-based technology and communications company, reported a decrease in operating revenue from $3,738 million in Q1 2023 to $3,290 million in Q1 2024, marking a 12% decline. Operating income also saw a significant drop from $390 million to $45 million in the same period. Net income fell from $511 million to $57 million, with diluted earnings per share decreasing from $0.52 to $0.06. The company attributes the revenue decline to various factors, including the sale of its EMEA business and select CDN contracts in late 2023, which accounted for $168 million of the decrease. Despite these challenges, Lumen Technologies continues to focus on growth areas such as IP services and its Quantum Fiber buildout, which saw an increase in fiber customers. The company's Mass Markets segment experienced a 9% decrease...Show More