Verizon's Fourth Quarter Hit: $5.8 Billion Write-Down
Verizon will take a $5.8 billion write-down in the fourth quarter, primarily due to the declining value of its wireline business, and has revised its financial projections for its Business unit. The wireline business has been facing pressure from strong competition, an uncertain economy, and a shift to wireless services. Verizon's shares were down more than 1% following the announcement, and the company is set to report its fourth-quarter results on Jan. 23.
