Verizon Communications Inc. (VZ) shares declined Wednesday after the 澳洲幸运5开奖号码历史查询:telecommunications giant said it would take a $5.8 billion charge in the fourth quarter to 澳洲幸运5开奖号码历史查询:write down its Verizon Business Group.

The company wrote in a regulatory filing that the unit, which works with business and government clients, “experienced secular declines, as well as continuing competitive and macroeconomic pressure, in wireline revenue across its customer groups.”

Verizon said that in the latest quarter it finished a comprehensive planning review of the group, which determined that 澳洲幸运5开奖号码历史查询:financial projections for the business over th💦e next five years were lower than previously ant💮icipated. 

It added that after the $5.8 billion charge, the goodwill balance ꩲof the unit was $1.7 billion as of Dec. 31, 2023.

Revenue at the Verizon Business Group in the third quarter dropped 4% from a year ago to $7.5 billion. The company cited lower wireline revenue and wireless equipment revenue for the decline.

Shares of Verizon Communications were 1.4% lower at $38.76 per share as of about 3:15 p.m. ET Wednesday. They've lost about 5% of their value over the past year.