FILE PHOTO: The Verizon logo is seen on the 375 Pearl Street building in Manhattan, New York City, U.S., November 22, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) -U.S. telecom company Verizon said on Wednesday it will take a $5.8 billion write-down in the fourth quarter, as it cut the value of its declining wireline business.
The company cut its financial projections for its Business unit, which caters to businesses and government clients after a five-year review, Verizon said. That business accounts for more than a fifth of the company's revenue.
