Lumen Tech Stock Is Worst Performer in S&P 500 After Disappointing Guidance

Lumen Technologies

stock sank to levels not seen in decades after the telecommunications company posted strong earnings, but told investors to expect a smaller profit than they had anticipated for this year.

Lumen (ticker: LUMN) posted fourth-quarter diluted earnings of 43 cents a share, while analysts had been expecting 19 cents a share, according to FactSet. For all of 2023, the company told investors to expect adjusted earnings before interest, taxes, depreciation, and amortization of $4.6 billion to $4.8 billion.