Verizon Communications Inc. reduced its Its business services division was valued at $5.8 billion, a sign of the decline in the company’s corporate operations.
The wireless carrier said in the filing Wednesday that the non-cash goodwill impairment charge was due to “chronic impairments, as well as continued competitive and macroeconomic pressure.” As a result of the impairment, Verizon said its business unit had a balance of $1.7 billion at the end of 2023.