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.
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.
