Verizon Writes Off $5.8 Billion on Enterprise as Sales Slow (4)

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.

The decline is tied to the telecommunications giant’s legacy wireline operations, which provides landline or fixed-line communications ...