Verisign (VRSN) Reports Mixed Q2 Results

The history of Verisign Inc. (NASDAQ:VRSN) dates back to 1995 when RSA Data Security spun off one of its divisions and named it Verisign. The company initially offered products and services that enabled secure online transactions. Subsequently, it became a dominant player in the domain registration business after acquiring Network Solutions in 2000. Verisign is currently a leading provider of domain name registry services in the world.

The Reston, Virginia-based company recently posted better-than-expected revenue for the second quarter. However, its earnings fell short of expectations. Verisign’s quarterly revenue increased 5 percent on a year-over-year basis to $329.4 million, just ahead of the consensus forecast of $329 million.

In addition, Verisign reported earnings of $1.31 per share for the three months ended June 30, slightly down from $1.32 per share in the comparable period of 2020. Analysts, on average, were looking for earnings of $1.36 per share.

Nevertheless, CEO Jim Bidzos express his satisfaction with the results. Bidzos said in a statement, “We’re pleased with the operational and financial results of the quarter as well as the continued efforts of our dedicated team. Last week we reached a new milestone for our critical internet infrastructure by marking 24 years of 100% availability in the .com/.net domain name resolution system.”

The operating margin for the quarter was 64.7 percent, below 65.8 percent in the same period last year. Moreover, the company processed 11.7 million new domain name registrations for both .com and .net, up from 11.1 million in the year-ago quarter.

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