Verizon slips on $4.6B charge related to Oath media business

Published December 12, 2018

Shares of Verizon are falling before the opening bell after the company said it would take a $4.6 billion hit for what's become an expensive internet foray that's never panned out.

In a regulatory filing late Tuesday, Verizon Communications Inc. says that it will take the charge in the fourth quarter to cover weak revenue and earnings from its Oath media business. Verizon expects Oath to face continued competitive pressure and says that the benefits from integrating Yahoo and AOL with the enterprise were less than expected.

Verizon this week said that 10,400 U.S. managers have accepted voluntary buyout offers. The New York company is making $10 billion in cost cuts, money that will be used to ramp up 5G technology investments.

Shares are down more than 1 percent Wednesday.

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https://www.foxnews.com/us/verizon-slips-on-4-6b-charge-related-to-oath-media-business