Verizon Writes Off $5.8 Billion on Enterprise as Sales Slow
- Wireline revenue has been dropping for business group
- Unit’s growth seen as likely to stay muted through 2024
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Verizon Communications Inc. is writing down the value of its business services division by $5.8 billion, a sign of the company’s declining enterprise operations and continually ailing landline business.
The wireless carrier said in a filing Wednesday that the impairment charge was due to an overall decline in demand for its business group “as well as continuing competitive and macroeconomic pressure.” As a result of the writedown, Verizon said the balance of its business unit was $1.7 billion at the end of 2023.