VeriSign Reports Lower Revenue
VeriSign reported a loss of $0.13 per share on revenue of $268.1 million for the third quarter, down from the $0.34 and $301 million figures from the year-ago quarter.VeriSign Inc. on Thursday reported a loss of $0.13 per share on revenue of $268.1 million for the third quarter. In the same period in 2002, the company had a net loss of $0.34 per share on revenue of $301 million. The bulk of the companys revenue40 percentcame from the Internet Services Group, which includes the security, payment, digital brand management and naming and directory services units. About 21 percent of the revenue for the quarter came from the Network Solutions subsidiary, which VeriSign has agreed to sell for $100 million. The company expects the sale to close in the fourth quarter. For more details on VeriSigns sale of its Network Solutions business earlier this month, click here.
"The motivation for the sale is very simple: focus. We feel theres no longer a fit with our strategic goals," said Stratton Sclavos, chairman and CEO of VeriSign, based in Mountain View, Calif.