Verisign posts higher revenue on demand for domain-name registry

VeriSign,

27/07/2023 22:07

July 27 (Reuters) - Internet services firm Verisign
 VRSN.O  reported higher second-quarter revenue on Thursday on
steady demand for its domain-name registry services and
increasing reliance on internet infrastructure.
    Increasing digitization and a move to online business models
have deepened companies' dependence on cloud services, pushing
them to adopt e-commerce and web technologies.
    The company reported second-quarter revenue of $372 million,
compared with $351.9 million a year ago.
    Verisign posted a profit of $1.79 per share in the
April-June period, higher than $1.54 per share in year-ago
period.
    The core business of the company, which reserves names that
identify a website, is operating the domain-name registries for
the internet's two most important domains - .com and .net. 
    It also operates two of the web's 13 root servers at the top
of the hierarchical domain-name system, crucial for most of the
internet's smooth functioning.
    The renewal rate for its .com and .net domains fell to
75.5%, compared with 75.9% a year earlier. Meanwhile, it
processed 174.4 million domain-name registrations, compared with
174.3 million in the second quarter of 2022.
    Verisign's shares were down about 2% after the bell. 

 (Reporting by Akash Sriram and Tanya Jain in Bengaluru; Editing
by Pooja Desai)
 ((Tanya.Jain@thomsonreuters.com;))