Verizon indicated to the US Securities and Exchange Commission (SEC) it would incur a $5.8 billion impairment charge in Q4 2023 due to its Verizon Business fixed line group.
As part of its annual budget process, Verizon stated it completed a five-year strategic planning review of its business reporting unit that resulted in lower financial projections compared to the prior year five-year strategic planning cycle.
Verizon explained in an SEC filing that its business group “experienced secular declines, as well as continuing competitive and macroeconomic pressure, in wireline revenue across its customer groups” in the final three months of 2023.
“As a result, in the fourth quarter of 2023, Verizon recorded a non-cash goodwill impairment charge of approximately $5.8 billion (before and after-tax), resulting in the goodwill balance of the business reporting unit of $1.7 billion” at the end of the period.
Verizon Business’ revenue declined 4 per cent year-on-year in Q3 2023, due to lower fixed and wireless equipment revenue.
It is scheduled to report Q4 2023 figures on 23 January.
The post Verizon flags $5.8 billion impairment charge appeared first on Mobile World Live.
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