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VeriSign Inc. on Thursday reported a net loss of $0.60 per share on revenue of $265.2 million for the second quarter. In the same period last year the company had a net loss of $20.51 per share on revenue of $317.4 million.
Most of the reason for the loss during the quarter is a $177 million charge VeriSign took for writing down various intangible assets.
The companys Internet Services Group, which includes its security, payment, digital brand management and naming and directory services, delivered the largest share of revenue, $105 million, or 40 about percent.
VeriSign executives remained confident that the security sector will continue to provide the company with a strong revenue base in the future.
“We believe IT security remains a priority in customer spending,” said Stratton Sclavos, chairman and CEO of VeriSign, based in Mountain View, Calif.
He added that the company is in the process of developing several new security solutions in the perimeter security, application security, universal authentication and fraud prevention areas.