Lumen Technologies' stock experienced a significant after-hours plunge of 5.09% on Tuesday, following the release of the company's first-quarter financial results.

The decline appears to be driven by the company's reported adjusted loss per share of $0.47, which significantly missed analyst estimates of a $0.14 loss. While revenue of $2.90 billion exceeded expectations of $2.83 billion, it represented an 8.9% decrease compared to the same period last year. The wider-than-anticipated loss likely disappointed investors, prompting the sell-off in extended trading.

Concurrently, the company announced it would acquire cloud networking platform Alkira for $475 million in cash, a transaction expected to close in the third quarter of 2026. Lumen also raised its full-year 2026 free cash flow guidance to a range of $1.9 billion to $2.1 billion, up from the previous outlook of $1.2 billion to $1.4 billion.