By Will Sturgeon, 10 April 2002 09:06
NEWS Verizon Communications has said it will take a one-off hit of $2.5bn for its first quarter relating to a number of failed investments. The New York-based telecoms firm blamed overseas investment for its exceptional charge, having seen the share prices of interests in Argentina, Venezuela and at home in the US collapse. Verizon joins the massed ranks of telcos who have made significant write-offs relating to bad investment - though it is still some way short of Vodafone which took a £6bn hit against bad investment. Outside the telecoms sector AOL leads the way in recent times with a $54bn write-down.
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