VZ - Verizon Reports $5.8B Write-Down in Business Services Division Due to Market Challenges | Benzinga
Verizon Communications Inc (NYSE:VZ) disclosed a substantial $5.8 billion write-down in the value of its business services division, reflecting challenges in its enterprise operations.
This non-cash goodwill impairment charge, reported in a recent filing, is attributed to ongoing declines and pressures from competition and macroeconomic factors, leaving the business unit with a balance of $1.7 billion at the end of 2023.
The write-down is primarily linked to Verizon’s legacy wireline operations, which provide fixed-line communications services to businesses.
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