More than a phone company

The days of seeing Verizon Communications (NYSE: VZ) as just a phone company are long gone. It's now a telecom giant with the biggest network of wireless customers, and it's expanding its fiber-optic network and television services to increase value for customers.

Increasing competition in the U.S. wireless game has taken a toll on market leader Verizon, however, shrinking its stock price. But that offers an opportunity for value investors. While many Verizon subscribers jumped ship in early 2017 in favor of rivals' unlimited plans, Verizon reversed that trend by finally launching its own unlimited deal, which helped it add 1.2 million net customers in the fourth quarter.

The super-fast wireless 5G network that Verizon is building out right now will drive the next phase of its growth, allowing consumers to connect home wireless devices to Verizon's network, enabling self-driving cars, and perhaps even making virtual reality a mobile platform. Verizon also started its Oath media business, including the assets of internet acquisitions AOL and Yahoo. Offering both connectivity and content could prove to be a winning combination for Verizon as it looks for revenue streams beyond wireless.

Telecommunications isn't a high-growth business, but it's a valuable and profitable one to be in for the long term. Verizon's dividend recently yielded about 5 percent. (The Motley Fool owns shares of and has recommended Verizon.)