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Lumen beats revenue estimates on strong digital networking demand
['Jubabu', 'Nithyashree', 'R B', 'Tue', 'August At Pm Gmt', 'Min Read']
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• Lumen reported second-quarter revenue of $2.81 billion, above analysts' average estimate of $2.77 billion, according to data compiled by LSEG.
• Strategic revenue, which includes higher-margin digital networking products, rose 14% year over year and increased to 53% of business revenue in the second quarter, up from 51% in the first quarter.
• Adjusted EBITDA excluding special items fell to $802 million in the second quarter, from $877 million a year earlier.
• Adjusted loss per share was 7 cents in the second quarter, versus analysts' average estimate for a 14-cent loss.
• Lumen, which provides digital fiber connectivity, data center interconnect and digital networking services to enterprise and AI customers, said adoption of its Network-as-a-Service platform is accelerating, with more than 3,000 NaaS customers.