April 24 (Reuters) - Internet services company Verisign VRSN.O reported a 4.7% rise in first-quarter revenue on Thursday, driven by steady demand for domain registrations as businesses build their online presence.
An increasing number of businesses are acquiring and renewing domain names, which helps them reach a larger audience. This trend is benefiting domain registry service providers like Verisign.
The company reported revenue of $402.3 million for the quarter ended March 31, up from $384.3 million a year ago.
Verisign primarily manages the domain-name registries for two of the internet's most valuable domains – .com and .net, and also operates two of the 13 global internet root servers.
The Reston, Virginia-based company posted a quarterly net profit of $199.3 million, or $2.10 per share, up from $194.1 million, or $1.92 per share, reported last year.
Verisign processed 10.1 million new domain name registrations for .com and .net in the first quarter, compared with 9.5 million a year ago.
(Reporting by Priyanka.G in Bengaluru; Editing by Shailesh Kuber)
((Priyanka.G@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.