VeriSign reports Q3 2024 results

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

VeriSign, Inc. and its subsidiaries (“Verisign”) reported revenue of $391 million for the third quarter of 2024, up 3.8 percent from the same quarter in 2023. Operating income was $269 million for the third quarter of 2024, compared to $254 million for the same quarter of 2023. Verisign reported net income of $201 million and diluted earnings per share (diluted “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 quarter of 2023.

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

Financial Highlights

• Verisign ended the third quarter of 2024 with cash, cash equivalents and marketable securities of $645 million, a decrease of $281 million from year-end 2023.
• Cash flow from operations was $253 million for the third quarter of 2024, compared to $245 million for the same quarter of 2023.
• Deferred revenues as of Sept. 30, 2024 totaled $1.30 billion, an increase of $53 million from year-end 2023.
• During the third quarter of 2024, Verisign repurchased 1.7 million shares of its common stock for an aggregate cost of $301 million. As of Sept. 30, 2024, there was $1.28 billion remaining for future share repurchases under the share repurchase program, which has no expiration.

Business Highlights

• Verisign ended the third quarter of 2024 with 169.6 million .com and .net domain name registrations in the domain name base, a 2.5 percent decrease from the end of the third quarter of 2023, and a net decrease of 1.1 million domain names during the third quarter of 2024.
• During the third quarter of 2024, Verisign processed 9.3 million new domain name registrations for .com and .net, compared with 9.9 million for the third quarter of 2023.
• The final .com and .net renewal rate for the second quarter of 2024 was 72.7 percent compared to 73.4 percent for the same quarter of 2023. Renewal rates are not fully measurable until 45 days after the end of the quarter.