Lumen Technologies (LUMN 32.60%) The stock rose sharply again in Wednesday trading. The telecommunications company’s share price ended the day up 32.6 percent, according to data from S&P Global Market Intelligence. Earlier in the day, the shares had risen by as much as 56.6 percent.

Lumen reported mixed second-quarter results after the market closed yesterday, but provided some very encouraging guidance. In addition to the promising new guidance, the stock was also boosted by a flood of optimistic reporting from analysts.

Lumen misses profit forecast but exceeds revenue in Q2

Lumen reported a non-GAAP (adjusted) loss per share of $0.13 on revenue of $3.27 billion in the second quarter. By comparison, the average Wall Street forecast for the company was an adjusted loss of $0.04 per share on revenue of $3.25 billion.

The company’s revenue fell 10.7% year over year in the quarter, and the company slipped into a loss after reporting earnings of $0.10 per share in the second quarter of last year. Although there were no signs of an immediate turnaround in the Q2 report, investors were very optimistic about management’s guidance.

Lumen shares are booming

With its Q2 report, Lumen increased its full-year free cash flow (FCF) target to $1 billion to $1.2 billion. The company had previously forecast FCF between $100 million and $300 million.

In addition to the huge increase in Lumen’s FCF target, investors are also excited by the comments surrounding the company’s new fiber contracts. Before the earnings release, Lumen announced that it recently signed about $5 billion in new fiber contracts – and that it may have another $7 billion in contracts in the pipeline. Comments from management on the company’s conference call continued to support an optimistic outlook in the fiber space.

Lumen received a flood of positive coverage from Wall Street analysts following the report, which helped fuel even stronger bullish momentum. The company’s share price has risen 549.5% in the past month.