Versign shares plunge despite positive results

NEWS Shares in Verisign plunged 12 per cent on Thursday despite reporting better than expected Q3 results. The ebusiness security company reported profits of 17 cents a share, excluding special one-time charges, beating analysts' estimates of 16 cents a share. Revenues increased to $255m from $173m in the same period 12 months ago. Net loss for the period was $386.7m compared with a loss of $1.32bn in 2000. However, investors had been hoping for a better performance from the company with the result that shares fell $6.73 to $46.61, before recovering eight per cent to $53.34n in after hours trading.