VeriSign Growing Revenues as .com Renewal Nears
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2011 was the best year ever at VeriSign for new domain registrations. VeriSign (NASDAQ:VRSN) reported fourth quarter fiscal 2011 and full year results on Thursday. The results come during a period of pending transition in the Internet domain business, as the new gTLD process begins and as VeriSign's agreement with ICANN to operate the .com registry comes up for renewal.
or the quarter, VeriSign reported revenues of $204 million, which is a 14 percent year-over-year gain. Net Income came in at $54 million or $0.34 per share. For the full year, VeriSign's revenues were reported at $772 million up by 13 percent from 2010. Full year Net Income came in at $143 million or $0.86 per share.
Moving forward, VeriSign provided full year 2012 guidance for revenues to be in the range of $865 million to $890 million, representing growth of 12 percent to 15 percent.
"As stewards of critical elements of Internet infrastructure, both what we do and how we do it are important for the secure and reliable operation of the global Internet, upon which billions of people worldwide depend," Jim Bidzos, Executive Chairman, President and CEO of VeriSign said during the company's earnings call.
VeriSign manages multiple top level domain registries including .com, .net and .gov as well as operating a number of the root DNS servers that power the Internet.
On the domain registry business, VeriSign reported that the base of registered names in .com and .net totaled approximately 113.8 million at the end of December, which is an 8 percent year-over-year gain.
"The fourth quarter was our strongest Q4 for new registrations on record," Bidzos said. "In fact, that's true for each of the quarters in 2011, thus making it our strongest year for new registrations with over 32 million new registrations processed."