Verizon suffers in business and consumer sectors

Verizon Communications reported that revenue from its corporate business fell in the fourth quarter as companies delayed purchases and consumer growth slowed, the Financial Times reports.

The joint venture between Verizon and Britain's Vodafone group blamed delayed corporate decision-making for a 2.3% decline in revenue in the business division, which accounts for slightly less than a quarter of overall revenue. "The downturn in enterprise was steeper and worse than we expected," Craig Moffett of Sanford Bernstein Research was quoted saying. "Things could get much worse in 2009".