Lumen Technologies’ dollar bonds dropped by over 10% across the curve after the company’s forecast for adjusted EBITDA in 2023 significantly missed estimates. Lumen said that it expects to see adjusted EBITDA at $4.6-4.8bn, as compared to analyst estimates of $5.15bn. It also added that it sees free cash flow of $0-200mn in the year. Regarding its Q4 earnings, the company reported a net loss of $3.07bn. Besides, the company’s revenues came at $3.8bn, down 20% YoY. 

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