Earnings are out and once again it's not pretty

https://finance.yahoo.com/news/lumen-technologies-shares-slide-posting-214433407.html

(Reuters) - Lumen Technologies reported a massive quarterly net loss of $8.74 billion on Tuesday, hurt by an impairment charge of nearly $9 billion in the second quarter.

Shares of the Monroe, Louisiana-based company, which has lost more than 61% of their value this year, dropped more than 8% in trading after the bell.

The company, whose second-quarter loss was more than four times its $2 billion market capitalization, recorded a steep fall from a profit of $344 million a year ago.

Lumen said it recorded a non-cash impairment charge of $8.8 billion in the quarter, triggered by a sustained decline in their share price and variance in the market valuation in the April-June period.

Comment! It's anonymous!

13 replies (most recent on top)

Brene Brown, I’ll drink to that!!

This activity with Lumen is the same death spiral that Frontier Telecom went through. Goodwill impairment, stock below 5. They did an R/S, then a BK. Shareholders wiped out. 20B debt to 1.7B equity.....this thing is toast. Bad for layoffs, but MGMT will get their parachutes.

A day in the life a Lumen is surviving the sh-t show that is a typical days work.

Phil Collins said it best:

I don't care anymore.

Remember, Dilbert got his material from working at a baby bell.

Todays Lumen workplace now makes those (baby bell) days seem incredibly sane.

Cause you're da Green Manalishi with the two prong crown
All my tryin' is up, all your bringin' is down

Just takin' my love then slippin' away
Leavin' me here just tryin' to keep from followin' you

I don't know about layoffs, but people are getting "boxed" daily! Not laid off!

The Goodwill impairment is confirmation that Glen Post had no clue what he was doing. In Accounting speak it is the excess valuation of the company being acquired. i.e. Embarq, Qwest, Savvis and Level 3. The total revenue from the combined company was always less than before acquisition. The good news is that there is only $3.9B before Goodwill goes to zero. The real issue is still the debt. With $20B in debt and stockholders only having $1.7B in market cap means the bondholders own over 90% of the company. The light at the end of the tunnel is a freight train coming your way.

Chapter 11 coming closer now, this piece of mis-managed garbage is ready for the dumpster. Stupid initiatives like dare to lead tells us all we need to know about this leadership team.

Down 16% to 1.70 at the moment. Ouch....

Garbage company! What a joke!

It's ok, Brene Brown is here!

I want to know what the $8.8 billion impairment charge is about.

I wonder if this will be the breaking point to trigger layoffs?

Bring on the VSPs!

I wonder how they will try to spin this in the earnings pop up?

Thread regarding Lumen Technologies layoffs

Earnings are out and once again it's not pretty

13 replies (most recent on top)

Post a reply