Verizon Takes $5.8 Billion Hit in Q4 from Unit Write-Down

Verizon announced it will take a $5.8 billion impairment charge in Q4 2023 due to secular declines and competitive pressures in its Business reporting unit, resulting in a goodwill balance of $1.7 billion as of December 31, 2023. Goodwill impairment reflects the reduction in the estimated fair value of intangible assets and must be carried out in accordance with accounting standards and ethical principles.