VeriSign Earnings Cheat Sheet: Meets Estimates As Top Line Declines

S&P 500 (NYSE:SPY) component VeriSign, Inc. (NASDAQ:VRSN) saw profit fall amid falling revenue. VeriSign, Inc. is a provider of Internet infrastructure services for the networked world.

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VeriSign Earnings Cheat Sheet for the First Quarter

Results: Net income for VeriSign, Inc. fell to $40.8 million (24 cents/share) vs. $51.4 million (28 cents/share) a year earlier. A decline of 20.6% from the year earlier quarter.

Revenue: Fell 31.3% to $181.5 million YoY.

Actual vs. Wall St. Expectations: VRSN reported adjusted net income of 32 cents per share. By this measure, the company fell in line with the mean analyst estimate of 32 cents/share. Estimates ranged from 30 cents per share to 34 cents per share.

Quoting Management: “We are pleased to report another record quarter for Verisign in new domain name registrations and strong performance overall in the Naming Services business,” said Mark McLaughlin, president and chief executive officer of Verisign. “Our commitment to the continued availability and reliability of the Internet is core to our strategy, and we plan to leverage our extensive expertise and leadership in DNS management to help our customers improve the effectiveness and integrity of Internet communications.”

Competitors to Watch: Symantec Corporation (NASDAQ:SYMC), Tucows Inc. (AMEX:TCX), Innodata Isogen, Inc. (NASDAQ:INOD), Microsoft Corporation (NASDAQ:MSFT), InterNAP Network Services (NASDAQ:INAP), Group, Inc. (NASDAQ:WWWW), Yahoo! Inc. (NASDAQ:YHOO), Neustar, Inc (NYSE:NSR), SAVVIS, Inc. (NASDAQ:SVVS), and Wave Systems Corp. (NASDAQ:WAVX).

Today’s Performance: Shares of VRSN are up 2 pennies in after hours trading.

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