Why Shares of Lumen Technologies Tumbled 8.8% Today

Shares of Lumen Technologies (NYSE: LUMN) (formerly CenturyLink) were down 8.8% at market close on Wednesday. The tumble in share price followed the company's second-quarter 2021 earnings update, which showed a 5% year-over-year decline in revenue to $4.92 billion, but a 34% increase in free cash flow to $993 million. Lumen remains highly profitable, but its sales have been stuck in stubborn decline for years as legacy telecom services slowly but steadily lose value over time.