Verisign Inc. (VRSN) announced earnings for its Q1 2024 and there was an increase from the same period last year and beat the Street estimates.
The company’s bottom line came in at $194.1 million, or $1.92 per share. This compares with $178.7 million, or $1.70 per share, in last year’s first quarter.
Financial Highlights
- Verisign ended the first quarter of 2024 with cash, cash equivalents and marketable securities of $925 million, a decrease of $2 million from year-end 2023.
- Cash flow from operations was $257 million for the first quarter of 2024, compared to $259 million for the same quarter of 2023.
- Deferred revenues as of March 31, 2024 totaled $1.28 billion, an increase of $39 million from year-end 2023.
- During the first quarter of 2024, Verisign repurchased 1.3 million shares of its common stock for an aggregate cost of $260 million. As of March 31, 2024, there was $860 million remaining for future share repurchases under the share
repurchase program, which has no expiration.
Business Highlights- Verisign ended the first quarter of 2024 with 172.5 million .com and .net domain name registrations in the domain
name base, a 1.3 percent decrease from the end of the first quarter of 2023, and a net decrease of 0.27 million domain
names during the first quarter of 2024. - During the first quarter of 2024, Verisign processed 9.5 million new domain name registrations for .com and .net,
compared with 10.3 million for the first quarter of 2023. - The final .com and .net renewal rate for the fourth quarter of 2023 was 73.2 percent compared to 73.3 percent for the
same quarter of 2022. Renewal rates are not fully measurable until 45 days after the end of the quarter.
