Verisign first-quarter revenue rises on strong demand for domain names

(Reuters) -Internet services company Verisign 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)

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