Lumen's Q2 reveals $9B goodwill impairment charge (NYSE:LUMN)
Lumen Technologies disclosed a goodwill impairment charge of nearly $9 billion in Q2 due to a decline in its shares, causing its stock to slip 7.9% after hours. The telecom firm reported Q2 earnings per share of $0.10, beating estimates by 2 cents. Revenue declined 21% year-over-year to $3.66 billion. Lumen attributed the impairment charge to the difference between its market capitalization and carrying value, primarily in its North America business unit. The company's stock has fallen 14.7% in Q2 and 61.1% year-to-date. Lumen also mentioned potential liability related to toxic lead cables, as reported by the Wall Street Journal.
