Verizon (VZ) has released an update.
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In 2023, Verizon Business Group faced declining wireline revenue due to market trends and economic challenges. A strategic review led to reduced financial forecasts, prompting a goodwill impairment test which revealed the unit’s fair value was below its carrying value. Consequently, Verizon recognized a non-cash goodwill impairment charge of around $5.8 billion, leaving a remaining goodwill balance of $1.7 billion for the Business unit as of year-end.
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