July 23 (Reuters) – Internet services company VeriSign on Thursday reported a 6% increase in its second-quarter revenue, driven by steady demand for domain names.
• Companies purchasing and renewing domain names to expand their online reach have benefited providers like Verisign.
• The company reported revenue of $435 million for the quarter ended June 30, compared with $410 million in the year-ago period.
• It posted a profit of $2.38 per share for the second quarter, up from $2.21 per share last year.
• The fixed fee charged from registrars like GoDaddy for each new domain registration and annual renewals is the primary source of revenue for VeriSign.
• It processed 12.7 million new domain registrations for “.com” and “.net” in the quarter, compared to 10.4 million in the year-ago period.
• The Virginia-based company approved an additional $884 million share repurchase authorization, effective July 23, increasing the total program capacity to $1.50 billion.
• As the exclusive registry operator for the “.com” and “.net” domains, VeriSign anchors critical internet infrastructure and also operates two of the world’s 13 global internet root servers.
(Reporting by Arunesh Sinha; Editing by Shailesh Kuber)
