Press release
Verisign Reports Second Quarter 2023 Results
RESTON, Va.--(BUSINESS WIRE)-- VeriSign, Inc. (NASDAQ: VRSN), a global provider of domain name registry services and internet infrastructure, today reported
About this update from Verisign, Inc.
[{"type":"text","content":" RESTON, Va.--(BUSINESS WIRE)--\nVeriSign, Inc. (NASDAQ: VRSN), a global provider of domain name registry services and internet infrastructure, today reported financial results for the second quarter of 2023.\n\n\nVeriSign, Inc. and its subsidiaries (“Verisign”) reported revenue of $372 million for the second quarter of 2023, up 5.7 percent from the same quarter in 2022. Operating income was $249 million for the second quarter of 2023, compared to $236 million for the same quarter of 2022. Verisign reported net income of $186 million and diluted earnings per share (diluted “EPS”) of $1.79 for the second quarter of 2023, compared to net income of $167 million and diluted EPS of $1.54 for the same quarter of 2022.\n\n\n“Earlier this month we passed 26 years of 100 percent availability for the .com/.net domain name resolution system. Our effective stewardship of this key infrastructure allowed us to deliver another successful quarter, marked by solid financial results and the renewal of the .net registry agreement,” said Jim Bidzos, Executive Chairman and Chief Executive Officer.\n\n\nFinancial Highlights\n\n\n\nVerisign ended the second quarter of 2023 with cash, cash equivalents and marketable securities of $936 million, a decrease of $45 million from year-end 2022.\n\n\n\nCash flow from operations was $145 million for the second quarter of 2023, unchanged from the same quarter of 2022.\n\n\n\nDeferred revenues as of June 30, 2023 totaled $1.26 billion, an increase of $41 million from year-end 2022.\n\n\n\nDuring the second quarter of 2023, Verisign repurchased 1.0 million shares of its common stock for an aggregate cost of $220 million.\n\n\n\nEffective July 27, 2023 the Board of Directors approved an additional authorization for share repurchases of approximately $1.14 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.\n\n\n\nBusiness Highlights\n\n\n\nOn June 30, 2023, Verisign announced the renewal of the .net Registry Agreement with the Internet Corporation for Assigned Names and Numbers (ICANN), pursuant to which Verisign will remain the sole registry operator for the .net registry through June 30, 2029.\n\n\n\nVerisign ended the second quarter of 2023 with 174.4 million .com and .net domain name registrations in...