Q1 revenue at CyberSource up 40% year-over-year

Revenue at CyberSource Corp., a provider of Internet payment and security applications, rose 40% to $15.6 million for the first quarter ended March 31, the company said. Q1 net income declined 10%, to $900,000 from $1 million a year ago.

CyberSource said its volume of payment transactions in Q1 rose 43% year-over-year to 137.7 million, and that it added 1,600 customers in the quarter, including home furnishings retailer Smith & Hawken and Sterling Jewelers.

CyberSource also reported having $48.8 million in cash, cash equivalents and short-term investments at the end of Q1, up from $47 million as of Dec. 31, 2005.

In March, CyberSource announced the acquisition of BidPay.com Inc. for $1.8 million from First Data Corp.