Lumen Technologies Inc. shares surged as much as 93% in post-market trading Tuesday, extending gains after notching a record one-day jump in the regular session.
Driving the gains was excitement over artificial intelligence and its ability to translate into results for the company. In earnings released after the bell Tuesday, Lumen raised its forecast for free cash flow for the year, saying it expected between $1 billion and $1.2 billion. Previously, it had forecast free cash flow between $100 million and $300 million. Wall Street analysts covering the company expected the forecast to be about $217 billion, data compiled by Bloomberg show.
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