Lumen Technologies reported Q4 2023 revenue of $3.517 billion, down from $3.800 billion a year earlier. Reported net loss was $(1.995) billion for the fourth quarter 2023, which included a non-cash goodwill impairment charge of $1.9 billion, compared to reported Net Loss of $(3.069) billion for the fourth quarter 2022, which included a non-cash goodwill impairment charge of $3.271 billion.
During the quarter, Lumen completed the $1.8 billion divestiture of its EMEA business and the sale of select CDN contracts.
Capital expenditures for the quarter amounted to $821 million, compared to $833 a year earlier.
"In 2023, we outlined big, multi-year, strategic priorities including strengthening our balance sheet, executing on key programs to turn the core business around by 2025, and igniting new growth by delivering disruptive innovations that help our customers solve their next-gen networking needs," said Kate Johnson, president and CEO of Lumen. "I am pleased to report that we delivered our 2023 EBITDA and free cash flow guidance, and we made material progress on our strategic priorities."
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