Neither telecom powerhouse AT&T (NYSE:T) nor its counterpart at the top of the U.S. telecom food chain Verizon Communications (NYSE:VZ) offer the panache of, say, a high-growth tech stock like Amazon.com.

However, that isn't to say that either AT&T or Verizon Communications can't prove an eminently successful investment for investors with the right set of objectives, most notably their income-producing profile.

And in the constant effort to size up exactly how affairs are going at AT&T or Verizon Communications, both companies will report their FY Q1 earnings later this week.

AT&T and Verizon report
AT&T leads the charge between the two when it reports its Q1 earnings after the market close on April 22. Two days later on April 24, Verizon Communications follows suit and reports its quarterly earnings as well.

In general, both Verizon Communications and AT&T are dealing with the same issues in the U.S. telecom space, most notably the gradual chipping away of their essential oligopoly from resurgent names like Sprint and especially T-Mobile, which are vying to steal share from the likes of AT&T and Verizon Communications. And in turning to specifics, tech and telecom specialist Andrew Tonner discusses the numbers that matter most to investors for AT&T's and Verizon Communications' upcoming reports this week.