Verizon Takes $5.8 Billion Charge on Its Business Group's Outlook

Key TakeawaysVerizon said Wednesday it would take a $5.8 billion charge to write down the value of its Verizon Business Group.The telecom firm noted the unit faced declines in wireline revenue along with competitive and macroeconomic pressures.Verizon said that a review done in the fourth quarter showed the long-term financial outlook of the unit was lower than previously expected.Verizon Communications Inc. (VZ) shares declined Wednesday after the telecommunications giant said it would take a $5.8 billion ...