Telecommunications companies are a rarity among equities: Their shares have, at times, exhibited characteristics of both income and growth stocks. For growth investors, the small companies offering wireless services provide the best opportunities for share price appreciation. In contrast, larger companies dealing with equipment and services tend to be havens for conservative, income-focused investors.
Value investors can also find good pickings in the telecommunications sector.

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The need for telecommunications services, an integral part of the global economy, persists regardless of changes in the business cycle. However, while the demand is constant, individual suppliers can rise and fall. For several years, a company may enjoy its regulatory privileges (like other utilities, telecom firms are often protected from competition by government mandates), and produce reliable, generous dividend yields (generated by high monthly revenue from its stable customer base). Then, suddenly, technological advances or mergers and acquisitions create uncertainty and leave room for loss - and recovery, with fresh growth.
If a firm hits a slump because of shifts in the industry (like the growing importance of wireless devices), value investors might snap it up, provided its fundamentals remain strong and it proves adept at adapting to change. The telecommunications sector's record in paying and regularly raising dividends makes the waiting period for share prices to improve more enjoyable

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