Verisign Q2 2024 report: $387 million revenue

VeriSign, Inc. (NASDAQ: VRSN) reported financial results for the second quarter of 2024.

VeriSign, Inc. and its subsidiaries (“Verisign”) reported revenue of $387 million for the second quarter of 2024, up 4.1 percent from the same quarter in 2023. Operating income was $266 million for the second quarter of 2024, compared to $249 million for the same quarter of 2023. Verisign reported net income of $199 million and diluted earnings per share (diluted “EPS”) of $2.01 for the second quarter of 2024, compared to net income of $186 million and diluted EPS of $1.79 for the same quarter of 2023.

“We delivered another solid quarter, both operationally and financially, by focusing on our mission. Last week we marked 27 years of providing 100% availability in the .com/.net domain name resolution system,” said Jim Bidzos, Executive Chairman, President and Chief Executive Officer.

Financial Highlights

• Verisign ended the second quarter of 2024 with cash, cash equivalents and marketable securities of $690 million, a decrease of $236 million from year-end 2023.
• Cash flow from operations was $160 million for the second quarter of 2024, compared to $145 million for the same quarter of 2023.
• Deferred revenues as of June 30, 2024 totaled $1.29 billion, an increase of $43 million from year-end 2023.
• During the second quarter of 2024, Verisign repurchased 2.2 million shares of its common stock for an aggregate cost of $388 million.
• Effective July 25, 2024 the Board of Directors approved an additional authorization for share repurchases of approximately $1.11 billion of common stock, which brings the total amount to $1.5 billion authorized and available under Verisign’s share repurchase program, which has no expiration.

Business Highlights

• Verisign ended the second quarter of 2024 with 170.6 million .com and .net domain name registrations in the domain name base, a 2.2 percent decrease from the end of the second quarter of 2023, and a net decrease of 1.8 million domain names during the second quarter of 2024.
• During the second quarter of 2024, Verisign processed 9.2 million new domain name registrations for .com and .net, compared with 10.2 million for the second quarter of 2023.
• The final .com and .net renewal rate for the first quarter of 2024 was 74.1 percent compared to 75.5 percent for the same quarter of 2023. Renewal rates are not fully measurable until 45 days after the end of the quarter.