Strong Earnings for Verizon

The telecommunications sector is reporting rosy results.

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If the United States is in a recession right now, as some economists think, then telecommunications is looking like one industry that is recessionproof. Verizon, the second-largest telecom company behind AT&T, announced today that its profit grew 9.8 percent in the first quarter.

Even if money is tight for American consumers right now, they're not cutting back on their cellphones, as Verizon reported adding 1.5 million subscribers. The company's quarterly earnings were at $1.64 billion, up from $1.5 billion a year earlier. AT&T also posted strong first-quarter results, announcing last week that revenues increased 6.1 percent in the first quarter.