Verizon Writes Off $5.8 Billion From Enterprise as Sales Decline

Verizon is writing down the value of its business services division by $5.8 billion, a sign of the company's declining enterprise operations. From a report: The wireless carrier said in a filing Wednesday that the non-cash goodwill impairment charge was due to "secular declines, as well as continuing competitive and macroeconomic pressure." As a result of the impairment, Verizon said the balance of its business unit was $1.7 billion at the end of 2023. The decline is tied to the telecommunications giant's legacy wireline operations, which provide fixed-line communications services for businesses, through copper or fiber wires. This segment has seen demand drop considerably as its mobile business service has surged. Verizon's wireline business revenue fell 8.1% through the third quarter and is likely to stay muted in 2024, according to Bloomberg Intelligence.

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