Lumen Technologies' stock experienced a 24-hour plunge of 6.28% as investors reacted negatively to the company's first-quarter financial results, which showed a significantly wider loss than anticipated.

The decline was driven by the company's reported adjusted loss per share of $0.47, which substantially missed analyst estimates that ranged from a loss of $0.13 to $0.14. While revenue of approximately $2.90 billion exceeded expectations of $2.83 billion, it represented a year-over-year decrease of about 9%. The magnitude of the earnings miss and the continued revenue decline disappointed the market, prompting the sell-off.

Concurrent announcements, including the acquisition of cloud networking platform Alkira for $475 million and an upward revision to the full-year free cash flow guidance, were overshadowed by the poor earnings performance during the trading session.