Why Lumen Stock Got Crushed Today [telecom]

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The telecommunications company reports quarterly results and says it will record a goodwill impairment charge.

By Evan Niu, CFA

What happened

Shares of Lumen Technologies (NYSE:LUMN) have gotten crushed today, down as much as 10%, after the company reported fourth-quarter earnings. The results were mixed compared to market expectations, and Lumen also said it would be recognizing a non-cash goodwill impairment charge. As of 12:20 p.m. EST, shares were down 8%.