Verisign posts higher Q3 revenue on steady demand for domain names

VeriSign,

26/10/2023 22:09

Oct 26 (Reuters) - Internet services firm Verisign
 VRSN.O  reported a 5.4% jump in third-quarter revenue on
Thursday, helped by steady demand in domain name registrations
as more businesses expand their online presence.
    Businesses lately have been beefing up their online
presence, in a move to digitize, with easy-to-remember domain
names to capture a wider range of customers online.
    The domain name registry services provider posted revenue of
$376.3 million for the quarter ended Sept. 30, up from $356.9
million a year ago.
    It reported a profit of $1.83 per share in the
July-September period, higher than $1.58 per share, in the same
period last year.
    The renewal rate for its .com and .net domains fell to 73.4%
in the second-quarter, compared with 73.8%, a year earlier.
    Meanwhile, the company processed 9.9 million domain name
registrations in the third quarter, unchanged from a year ago.

 (Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh
Kuber)
 ((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass;))