Lumen Technologies stock drops 14% after Q3 earnings, sales miss

Shares of Lumen Technologies Inc.
LUMN,
-5.11%
fell more than 13% in the extended session Wednesday after the telecommunications company reported a quarterly miss. Lumen earned $578 million, or 57 cents a share, compared with $544 million, or 51 cents a share, in the third quarter of 2021. Excluding one-time items, Lumen earned 14 cents a share in the quarter. Revenue fell to $4.39 billion from $4.89 billion a year ago. Analysts polled by FactSet expected Lumen to report adjusted EPS of 36 cents a share on sales of $4.41 billion. Lumen said that there will be no dividend paid in the fourth quarter. The company announced the sale of its Europe, Middle East and Africa business UK-based Colt Technology Services for $1.8 billion, and said that its board has authorized a two-year share buyback plan of up to $1.5 billion. Shares of Lumen ended the regular trading day down 5.1%.