VeriSign Earnings Beat In Q1 on Income Tax Benefit

by TheTradesLessTaken
imageStock Markets1 hour ago (Apr 23, 2020 04:10PM ET)

(C) Reuters. VeriSign Earnings Beat, Revenue Misses In Q1 – Domain-name registry business VeriSign (NASDAQ:VRSN) on Thursday reported mixed first-quarter results as earnings beat, thanks to an income tax benefit, but revenue fell short of expectations.

VeriSign announced earnings per share of $1.42 on revenue of $312.5M. Analysts polled by anticipated EPS of $1.3 on revenue of $312.88M. That with comparison to EPS of $1.31 on revenue of $306.41M in the same period a year before. VeriSign had reported EPS of $1.31 on revenue of $310.54M in the previous quarter. Analysts are expecting EPS of $1.31 and revenue of $313.56M in the upcoming quarter.

Net income for the first quarter, included the recognition of $168 million of previously unrecognized income tax benefits, the company said.

VeriSign shares are down 6% from the beginning of the year , still down 4.04% from its 52 week high of $221.78 set on July 15, 2019. They are outperforming the CAC 40 which is down 26.02% year to date.

During the quarter, Verisign processed 10 million new domain name registrations for .com and .net, compared to 9.8 million for the same quarter in 2019. The final .com and .net renewal rate for the fourth quarter of 2020 was 73.8% compared with 74.3% for the same quarter in 2018.

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VeriSign Earnings Beat In Q1 on Income Tax Benefit

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