Why Lumen Technologies Stock Got Rocked Today

The company's share price took a more than 2% hit on Wednesday after first-quarter results were announced; by contrast the S&P 500 index slipped by a relatively modest 0.7%. For its first quarter, Lumen booked total revenue of just over $3.7 billion, a comedown from the nearly $4.7 billion it earned in the same period of 2022. Non-GAAP (generally accepted accounting principles) adjusted net income fell even more precipitously, diving to $97 million ($0.10 per share) from the year-ago tally of $636 million.