Verisign warns of tough times ahead

NEWS Domain name registry company Verisign has lowered its expectations for the coming year as the sector continues to feel the economic squeeze. Full year revenues were originally predicted to grow by up to 40 per cent. This has now been reduced to just 25 per cent, to $1.5bn. The reduced growth expectations brings the company into line with Wall Street's estimates. However the company has managed to reduce net losses from £1.3bn in the fourth quarter of 2000 to $401m in the same quarter of 2001. In after-hours trading, shares in the company fell by more than ten per cent to $32.49.