VeriSign reported in documents sent to the Securities and Exchange Commission that it spent $90.5 million on advertising last year. However, executives at Y&R said the planned advertising effort for this year and beyond, while "significant," would not be near the $100 million level.
The Mountain View, Calif.-based company provides Web services such as domain registration, payment services and security services.
VeriSign in the first half of this year saw revenue increase fourfold to $444.6 million, while sales and marketing spending tripled to $129.8 million. The company had a massive first-half net loss of $12.6 billion, reflecting a write down of goodwill and other assets.
VeriSign declined to comment. Y&R was said to be preparing an announcement. -- Alice Z. Cuneo
Copyright August 2001, Crain Communications Inc.