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Network Solutions Jumps 14% After Beating Estimates

 

Updated from 12:38 p.m. EST

Wall Street darling Network Solutions (NSOL Quote) posted a 142% increase in its net fourth-quarter earnings Thursday, beating analysts' expectations and sending its shares sharply higher.

The Internet domain name company reported net income of $9 million, or 25 cents a diluted share, for the quarter ended Dec. 31, compared with net income of $3.7 million, or 11 cents a share, in the fourth quarter of 1998. Wall Street had been expecting earnings of 23 cents a share in the latest quarter, according to the consensus estimate of analysts surveyed by First Call/Thomson Financial.

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