Shares of Lumen Technologies (LUMN) fell 5.17% in after-hours trading on Thursday following the release of its second-quarter financial results. The telecommunications company reported a mixed bag of earnings, falling short on some key metrics while beating expectations on others.

Lumen's Q2 adjusted EBITDA came in at $725 million, significantly below the $834.9 million expected by analysts, according to IBES estimates. This shortfall in earnings before interest, taxes, depreciation, and amortization likely contributed to investor 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 the company spent more cash than it generated from its core business operations. On a more positive note, the company's adjusted earnings per share (EPS) of -$0.03 beat the analysts' estimate of -$0.26, although it still represents a loss. Despite this earnings beat, the overall financial picture appears to have disappointed investors, leading to the sharp decline in share price during extended trading.