November 6, 2008 / 10:01 PM / 10 years ago

UPDATE 1-VeriSign quarterly earnings beat estimates

* Q3 earnings, revenue beat estimates

* Naming business grows 16 pct (Recasts, adds details)

Nov 6 (Reuters) - Internet security provider VeriSign Inc (VRSN.O) reported a quarterly profit that beat analysts’ expectations on strength at its core businesses.

The company’s naming services business, one of its core units, recorded a 16 percent growth.

The company has been divesting its slower-growing units and focusing on its core website-naming and Internet security services. As part of the divesting process, VeriSign sold its remaining 49 percent stake in Jamba to News Corp NWSa.N for about $200 million in the quarter.

VeriSign posted a net loss of $200 million, or $1.02 a share, compared with a profit of $15 million, or 6 cents a share, a year earlier. Revenue rose 14 percent to $246.1 million.

According to Reuters Estimates, the company earned 28 cents a share, excluding items, for the latest quarter, topping analysts’ consensus view of 26 cents.

Revenue at its core businesses jumped 18 percent to $240 million.

VeriSign shares closed down 7 percent at $19.55 Thursday on Nasdaq. The stock has lost nearly half of its value since the start of the year.

For alerts, please double click [ID:nWNAB9708]

For the company press release, please double click [ID:nMKW50020a] (Reporting by S. John Tilak in Bangalore; Editing by Deepak Kannan)

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