VeriSign Trounces Expectations, Sets Stock Buyback

VeriSign ( VRSN) trounced analysts' first-quarter expectations, posting earnings, before items, of 23 cents a share, while Wall Street was looking for income of 13 cents.

The company, which provides Web site domain name registration and digital certificate services, said revenue for the quarter ended March 31 rose to $213.4 million, up from $34.1 million in the year-ago period.

Income rose to $48.6 million, excluding the amortization of goodwill and intangible assets, stock-based compensation charges and other items. VeriSign, which is based in Mountain View, Calif., earned $2.2 million, or 2 cents a diluted share, in the same quarter a year ago.

Including all items, the company lost $1.38 billion, or $6.90 a share, in the latest quarter.

Separately, VeriSign said its board authorized the company to repurchase up to $350 million of common stock. The company has about 210 million shares outstanding.

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