If you had to name the “product of the century” so far, it would have to be the smartphone, wouldn’t it? These ubiquitous devices have totally revolutionized how information is processed and disseminated in the world.

One of the most consistent performers in this turbulent space has been Verizon (NYSE: VZ).  The company surprised some analysts with its announcement that it was buying America Online, but the acquisition fits in well with the company’s established growth strategy.

Verizon Communications completed its acquisition of AOL in just 42 days, tying it for 11th-fastest among deals valued at over $1 billion this year. Verizon had announced before the market opened on May 12 a deal to buy the digital content and advertising platform company for $4.4 billion. On Tuesday, Verizon said AOL became a wholly owned subsidiary.

Several of Verizon’s competitors, such as T-Mobile and Sprint, have become more aggressive on pricing lately, which has forced Verizon to adjust its own rates at the expense of its bottom line. But Verizon still has a 4G LTE network that is well ahead of its peers in terms of both coverage and capacity, which should enable to company to fend off its less-developed rivals.

Verizon is focusing on tablets to give it an edge. With smartphone penetration now at a very high level, tablets with cellular connectivity are providing the next leg of growth for telecom companies like Verizon, which has shown itself nimble in adapting to this new marketplace.

The company posted another strong quarter of Verizon Wireless connections growth and profitability, and customer growth for FiOS fiber-optic services.

Chairman and CEO Lowell McAdam said: “We have great confidence heading into the next quarter, as Verizon continues to deliver consistently strong operating and financial results. We see continued, healthy customer demand for wireless and broadband services, and we are encouraged by the growth we are starting to see in the areas of video delivery and machine-to-machine. Our cash generation remains strong, and last month we were pleased to announce board approval of a quarterly dividend increase for the eighth consecutive year.”

Verizon reported 89 cents in EPS in first-quarter 2015, compared with 78 cents per share in first-quarter 2015.

Verizon continues to enhance its 4G LTE device lineup. In the third quarter, Verizon Wireless launched the HTC One Remix, LG G Vista, Kyocera Brigadier, HTC One (M8) for Windows, Apple iPhone 6 and 6 Plus and New Moto X smartphones; the Verizon Jetpack 4G LTE Mobile Hotspot MiFi 6620L, and Samsung Galaxy Tab 4 (10.1) and Tab S 10.5 tablets.

Verizon Wireless added 1.53 million retail net connections, including 1.52 million retail postpaid connections, in the last quarter. These additions exclude acquisitions and adjustments. At the end of the third quarter, the company had 106.2 million retail connections. This includes 100.1 million retail postpaid connections, a 5.2 percent increase year over year.

The firm is also working on its OnCue Internet TV platform, which it recently purchased from Intel Corp. (NYSE: INTC). McAdam gave a hint of its future when he referred to it as a virtual video “jukebox” that lets consumers access a wide range of content from the cloud. Unlike cable, OnCue would offer transactional video-on-demand (where the customer pays for each individual program) and subscription functionality.

“I think that’s a very attractive model for us. But it can’t be the bundled 10 channels together and force users to take it over-the-top, the way they have done in their current linear model,” said McAdam, speaking at the J.P. Morgan Global Technology, Media and Telecom conference.

Verizon has a reliable dividend yield, unquestioned market share, and impressive free cash flow. The stock was trading up around 52 just a few weeks ago, but has since dipped below 50. The company’s near-universal brand identification makes it a solid long-term holding. It’s a buy up to 57.

Tom Scarlett is an investment analyst with Personal Finance.