Verizon Reveals Non-Cash Goodwill Impairment Charge In Q4 Of $5.8B (Before And After-tax), Resulting In Goodwill Balance Of Business Reporting Unit Of $1.7B As Of December 31, 2023 - Filing
Portfolio Pulse from Benzinga Newsdesk
Verizon Communications Inc. (VZ) disclosed a non-cash goodwill impairment charge of $5.8 billion in Q4 2023, leaving a goodwill balance of $1.7 billion for its Business reporting unit. This charge is due to secular declines, competitive and macroeconomic pressures in wireline revenue, and lower financial projections from a five-year strategic review.
January 17, 2024 | 1:07 pm
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Verizon announced a significant non-cash goodwill impairment charge of $5.8 billion due to challenges in its Business unit, which could negatively impact investor sentiment.
The large impairment charge indicates that Verizon is facing substantial challenges in its Business unit, which could lead to negative investor sentiment and a potential decrease in stock price in the short term.
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