Lumen Technologies Faces Steep Decline with $9 Billion Loss

Lumen Technologies shares dropped over 8% after reporting a massive quarterly net loss of $8.74 billion, primarily due to an impairment charge of nearly $9 billion. The company's long-term debt stands at $19.9 billion, and it is undergoing a digital transformation process while facing stiff competition from wireless carriers. Lumen's revenue for the second quarter narrowly missed analysts' estimates.