MOUNTAIN VIEW, Calif.-VeriSign’s new mobile content operations helped fuel a five-fold increase in its first-quarter profits, the Internet and telecommunications networks company said late Wednesday.
VeriSign reported a first-quarter net income of $49 million, or 19 cents a share, compared with a $9 million or 4 cents a share profit last year. Revenues from its content and services business, which includes Internet portals Jamba and Jamster, rose 50 percent to $145 million, the company said.
The first quarter was the first full reporting period for VeriSign’s mobile content operation, which was acquired last year. While it has been extremely profitable, the content operation has stirred controversy on both sides of the Atlantic, with consumers lobbing charges of fraud and false advertising. The company denies the charges.
VeriSign’s Internet authentication operations were also credited for the strong performance. The company also raised its outlook for the full year, projecting $1.75 in revenues and a profit of $1.04 a share.
“Our first-quarter results represent a strong start to the year and an exciting beginning to our second decade as a company,” said Stratton Sclavos, VeriSign’s chief executive officer.
VeriSign shares were up 11.8 percent to $28.70 in mid-day trading on the Nasdaq exchange Thursday.
