Verisign's Q1 revenue rises on demand for internet services

(Reuters) - Internet services firm VeriSign reported a 5.5% rise in its first-quarter revenue on Thursday, helped by steady demand for domain name registrations as businesses beef up their online presence.

More and more enterprises are nowadays choosing to build their presence on the internet with easy-to-remember domain names to capture a wider range of customers online.

VeriSign is the sole registry for .com and .net domains and it operates two of the 13 global internet root servers.

The company competes with Israeli-based and GoDaddy, which provide easy-to-use tools to build website and scale businesses.

VeriSign posted revenue of $384 million for the quarter ended March 31, compared with $364 million a year ago.

It reported quarterly profit of $1.92 per share, higher than the $1.70 per share a year ago.

(Reporting by Priyanka.G in Bengaluru; Editing by Shilpi Majumdar)