Verisign Announces Q3 2024 Results, 169.6 Million Registrations for .com and .net Domains

VeriSign, Inc. and its subsidiaries (“Verisign”) reported third quarter 2024 revenues of $391 million, an increase of 3.8% over the same period in 2023, and third quarter 2024 operating income of $269 million, compared to $254 million for the same period in 2023. Verisign reported net income of $201 million and diluted earnings per share (“EPS”) of $2.07 for the third quarter of 2024, compared to net income of $188 million and diluted EPS of $1.83 for the same period in 2023.

Jim Bidzos, Executive Chairman, President and Chief Executive Officer, said, “By continuing to fulfill our mission of maintaining the security, stability and resiliency of the critical Internet infrastructure we operate, we deliver benefits to all of our stakeholders.”

Financial Highlights

-Verisign's cash, cash equivalents and marketable securities were $645 million as of the third quarter of 2024, a decrease of $281 million from the end of 2023.

-Operating cash flow for the third quarter of 2024 was $253 million, compared to $245 million for the same period in 2023.

-Deferred revenue totaled $1.3 billion as of September 30, 2024, an increase of $53 million from the end of 2023.

-Verisign repurchased 1.7 million shares of common stock during the third quarter of 2024 at a total cost of $301 million. As of September 30, 2024, the balance of future stock repurchases under the stock repurchase program, which has no expiration date, was $1.28 billion.

Business Highlights

-The number of .com and .net domain name registrations in Verisign's domain name pool was 169.6 million as of the third quarter of 2024, down 2.5% from the end of the third quarter of 2023, and a net decrease of 1.1 million domain names in the third quarter of 2024.

Source: onlinedomain