VeriSign (VRSN) Q4 Earnings Beat Estimates, Revenues Up Y/Y
Zacks Investment Research | Feb 08, 2019 07:43AM ET
VeriSign (NASDAQ:VRSN) reported fourth-quarter 2018 non-GAAP earnings of $1.58 that surged 64.6% from the year-ago quarter. The figure crushed the Zacks Consensus Estimate by 37 cents.
On Dec 5, 2018, the company completed the previously announced sale of the rights, economic benefits, and obligations, in all customer contracts related to its Security Services business to NeuStar. The sale resulted in a pre-tax, non-operating gain of $54.8 million, which, for fourth-quarter 2018, increased non-GAAP net income by $42.8 million. The gain increased non-GAAP earnings by 36 cents.
Revenues increased 4.1% year over year to $307.5 million but lagged the consensus mark of $308 million.
Quarter Details
On Oct 26, 2018, VeriSign and the U.S. Department of Commerce (DOC) entered into Amendment 35 to the Cooperative Agreement, which, among other items, permits VeriSign, without further approval of the DOC, to agree with the Internet Corporation for Assigned Names and Numbers (“ICANN”) to change the .com Registry Agreement. The change will help in increasing wholesale prices for .com domain names up to 7% in each of the last four years of each six-year period of the .com Registry Agreement.
VeriSign ended the reported quarter with 153 million .com and .net domain name registrations in the domain name base, up 4.5% year over year. The figure reflects a net increase of 1.29 million registrations during the quarter.
VeriSign, Inc. Price, Consensus and EPS Surprise
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