Press release
Verisign Reports Second Quarter 2024 Results
RESTON, Va.--(BUSINESS WIRE)-- VeriSign, Inc. (NASDAQ: VRSN), a global provider of critical internet infrastructure and domain name registry services, today
About this update from Verisign, Inc.
[{"type":"text","content":" RESTON, Va.--(BUSINESS WIRE)--\nVeriSign, Inc. (NASDAQ: VRSN), a global provider of critical internet infrastructure and domain name registry services, today reported financial results for the second quarter of 2024.\n\n\nVeriSign, 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.\n\n\n“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.\n\n\nFinancial Highlights\n\n\n\nVerisign 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.\n\n\n\nCash flow from operations was $160 million for the second quarter of 2024, compared to $145 million for the same quarter of 2023.\n\n\n\nDeferred revenues as of June 30, 2024 totaled $1.29 billion, an increase of $43 million from year-end 2023.\n\n\n\nDuring the second quarter of 2024, Verisign repurchased 2.2 million shares of its common stock for an aggregate cost of $388 million.\n\n\n\nEffective 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.\n\n\n\nBusiness Highlights\n\n\n\nVerisign 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.\n\n\n\nDuring the second quarter of 2024, Verisign processed 9.2 million new domain name registrations for .com and .net, compared with 10.2 million for ...