Shares of Lumen Technologies (LUMN) experienced a significant 24-hour plunge of 8.09% on Thursday, as investors reacted to the company's disappointing second-quarter financial results. The telecommunications firm's performance fell short of expectations in key areas, overshadowing some positive aspects of the report.

The primary driver of the stock's decline was Lumen's Q2 adjusted EBITDA, which came in at $725 million, substantially below the analyst consensus estimate of $834.9 million. This significant miss raised concerns about the company's profitability and operational efficiency. Adding to the negative sentiment, Lumen reported an adjusted free cash flow of -$209 million for the quarter, indicating that the company spent more cash than it generated from its core business operations.

While Lumen did report some positive news, with adjusted earnings per share (EPS) of -$0.03 beating the analysts' estimate of -$0.26, it wasn't enough to offset the other disappointing metrics. The company's revenue also fell to $3.09 billion from $3.27 billion a year earlier, slightly missing the $3.11 billion expected by analysts. The combination of these factors, particularly the EBITDA miss and negative free cash flow, likely contributed to investors' decision to sell off the stock, resulting in the sharp decline observed over the 24-hour period.