S&P 500 (NYSE:SPY) component VeriSign, Inc. (NASDAQ:VRSN) reported its results for the third quarter. VeriSign provides Internet infrastructure services for the networked world.

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VeriSign Earnings Cheat Sheet for the Third Quarter

Results: Net income for the application software company fell to $58.9 million (36 cents per share) vs. $784.9 million ($4.48 per share) a year earlier. This is a decline of 92.5% from the year earlier quarter.

Revenue: Rose 14.1% to $197 million from the year earlier quarter.

Actual vs. Wall St. Expectations: VRSN reported adjusted net income of 39 cents per share. By that measure, the company beat the mean estimate of 33 cents per share. Analysts were expecting revenue of $196.2 million.

Quoting Management: “The third quarter was another solid quarter marked by continued strong operating and financial performance,” said Jim Bidzos, executive chairman, president and chief executive officer of Verisign. “We remain committed to our long-term financial priorities of growth and a strong balance sheet,” said John Calys, interim chief financial officer of Verisign.

Key Stats:

The company has now beaten estimates the last two quarters. In the second quarter, it topped expectations with net income of 32 cents versus a mean estimate of net income of 30 cents per share.

The company’s revenue has now risen for two straight quarters. In the second quarter, revenue increased 12.5% to $189.8 million from the year earlier quarter.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 36 cents a share to 35 cents over the last sixty days. For the fiscal year, the average estimate has moved down from $1.27 a share to $1.26 over the last seven days.

Competitors to Watch: Symantec Corporation (NASDAQ:SYMC), Tucows Inc. (AMEX:TCX), Innodata Isogen, Inc. (NASDAQ:INOD), Microsoft Corporation (NASDAQ:MSFT), InterNAP Network Services (NASDAQ:INAP), Web.com Group, Inc. (NASDAQ:WWWW), Yahoo! Inc. (NASDAQ:YHOO), Neustar, Inc (NYSE:NSR), SAVVIS, Inc. (NASDAQ:SVVS), and Wave Systems Corp. (NASDAQ:WAVX).

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(Source: Xignite Financials)

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