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Verisign posts higher Q2 revenue, beats estimates
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Verisign posts higher Q2 revenue, beats estimates
Jul 25, 2024 2:20 PM

July 25 (Reuters) - Internet services firm VeriSign ( VRSN )

reported a 4.1% rise in second-quarter revenue on

Thursday, beating analyst expectations as more businesses seek

to expand their online presence.

Verisign's ( VRSN ) primary business involves managing the

domain-name registries for two of the internet's most

significant domains, .com and .net.

This includes reserving names that identify websites and

it also operates two of the 13 global internet root servers.

Businesses are increasingly seeking easy-to-remember domain

names to boost their online presence, as users turn to the

internet as their primary point of contact for businesses and

services.

The company reported revenue of $387 million for the second

quarter ended June 30, up from $372 million a year ago. Analysts

on average expected revenue of $385.8 million, according to LSEG

data.

The Reston, Virginia-based company posted a profit of $2.01

per share for the quarter, higher than the $1.79 per share it

reported in the same period last year.

The company processed 9.2 million new domain name

registrations during the second quarter, compared to 10.2

million a year-ago.

The renewal rate for its .com and .net domains fell to 74.1%

in the first quarter, compared with 75.5%, a year earlier.

Renewal rates are not fully measurable until 45 days after the

end of the quarter.

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