Lumen Systems inventory drops 14% after Q3 earnings, gross sales miss

Shares of Lumen Technologies Inc.
LUMN,
-5.11%
fell more than 13% in the extended session Wednesday immediately after the telecommunications company noted a quarterly miss out on. Lumen gained $578 million, or 57 cents a share, in contrast with $544 million, or 51 cents a share, in the third quarter of 2021. Excluding a single-time things, Lumen gained 14 cents a share in the quarter. Earnings fell to $4.39 billion from $4.89 billion a calendar year ago. Analysts polled by FactSet envisioned Lumen to report adjusted EPS of 36 cents a share on revenue of $4.41 billion. Lumen mentioned that there will be no dividend paid in the fourth quarter. The firm announced the sale of its Europe, Middle East and Africa enterprise Uk-dependent Colt Technology Solutions for $1.8 billion, and said that its board has approved a two-year share buyback prepare of up to $1.5 billion. Shares of Lumen ended the common investing working day down 5.1%.