Internet security company Verisign announced a huge rise in profits for its third quarter but is still making a massive loss.
By Ron Coates, 26 October 2000 12:05
NEWS Third quarter profits were $38.4m, up from $1.6 million for the same period last year with turnover up 660 per cent at $173.1m on $22.8m last time. But, including the one-time costs for amortisation of goodwill and other intangibles connected to the takeover of Network Solutions, Verisign posted a loss of $1.3bn. According to US analysts, this is a 'non-cash' expense. Verisign is taking advantage of the US tax system.
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