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Loser Stock (Public, NASDAQ:VRSN) Hammered down 9% after Earnings
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Verisign, Inc. (Public, NASDAQ:VRSN) plunged as much as 9% to $21.84 in opening trade after it swung to a third-quarter profit, helped partly by continued strength in its core businesses, but its fourth-quarter revenue forecast fell below Wall Street estimates.
The Internet security and naming Services Company forecast fourth-quarter revenue of $258 million to $262 million, or flat to up 2 percent sequentially.
Analysts expect revenue of $264.2 million, according to Thomson Reuters I/B/E/S.
The company expects fourth-quarter adjusted operating margin of 38.6 percent to be in line with that of the third quarter.
Net names added to the domain net base in the fourth quarter are expected to be slightly up from the third quarter to $1.5 million, Chief Executive Mark McLaughlin said on a conference call.
VeriSign's naming services segment is the authoritative directory provider of all .com, .net, .cc, .tv, .name and .jobs domain names.
Revenue from VeriSign's core businesses of naming and authentication services rose 6 percent to $257 million.
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