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Domain name sales push up profits for VeriSign in Q2

Internet infrastructure service provider VeriSign reported a rise in profits in the second quarter following increased sales from its domain name registration business.

VeriSign's naming services revenue reached $168m in the second quarter of 2010, up 9% compared with the same quarter in 2009.

Revenue from discontinued operations was $102m for the second quarter. "With the expected closing of the sale of authentication services business to Symantec, VeriSign will be focused on the naming services business," said president and chief executive officer of VeriSign, Mark McLaughlin.

"Our second quarter results reflect continued positive internet trends and operational discipline," he added.

Between April and June this year, VeriSign also reported an increase of new domain name registrations by 13% to 7.9 million and bought back 8.1 million shares for $227m.

Verisign's Trust Seal is one of the trust marks used on internet sites to protect users from phishing attacks.


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