Network Solutions, Inc. (Nasdaq: NSOL) rose 20 9/16 to 135 15/16 Thursday after reporting a 206 percent rise in first-quarter net income.
The Herndon, Virginia-based company, which registers Internet domain names, earned $14.7 million, or 20 cents a share, in the quarter, up from $4.8 million, or 7 cents, in the same period last year. Revenue surged to $98.2 million from $38.1 million, as new Web sites proliferated. Analysts were looking for earnings of 14 cents a share, according to research firm First Call.
“We saw astounding acceleration in dot-com, dot-net and dot-org domain name registrations worldwide, as total new market registrations grew 120 percent from the previous quarter,” said Chief Executive Officer Jim Rutt. One-third of all existing names were registered in the quarter, he said.
Network Solutions has agreed to be acquired by VeriSign, Inc. The companies expect to complete the transaction sometime in the third quarter.
VeriSign rose 19 17/64 to 126 9/64.