VeriSign, Inc. reported a solid financial performance for the third quarter and the first nine months of 2024, with revenues reaching $390.6 million for the three months ended September 30, 2024, a 4% increase from $376.3 million in the same period of 2023. For the nine months ended September 30, 2024, revenues totaled $1,162.0 million, also reflecting a 4% increase compared to $1,112.7 million in the prior year. The growth in revenue was attributed to price increases for .com and .net domain registrations, which were raised to $9.59 and $10.26, respectively, effective September 1, 2023, and September 1, 2024.
Operating income for the third quarter was $269.3 million, up 6% from $254.3 million in the same quarter of 2023. For the nine-month period, operating income increased by 7% to $794.4 million from $744.3 million. Net income for the third quarter was $201.3 million, compared to $188.5 million in the same period last year, while net income for the nine months was $594.2 million, up from $552.9 million in 2023. Basic earnings per share rose to $2.07 for the third quarter, compared to $1.83 in 2023, and to $6.00 for the nine months, up from $5.32.
Despite the positive revenue and income growth, the company experienced a total stockholders’ deficit of $(1,900.6) million as of September 30, 2024, an increase from $(1,581.0) million at the end of 2023. Total current liabilities rose significantly to $1,526.2 million from $1,188.5 million, while total liabilities increased slightly to $3,362.6 million from $3,330.0 million.
VeriSign's cash and cash equivalents increased to $267.3 million as of September 30, 2024, up from $240.1 million at the end of 2023. However, total current assets decreased to $717.4 million from $988.3 million. The company reported net cash provided by operating activities of $671.1 million for the nine months, compared to $649.6 million in the same period of 2023.
In terms of strategic developments, VeriSign repurchased 1.7 million shares for $300.9 million during the third quarter, with approximately $1.28 billion remaining under its share repurchase authorization of up to $1.50 billion. Additionally, Debra W. McCann was appointed to the Board of Directors, expanding the board to nine members.
Overall, while VeriSign demonstrated revenue and profitability growth, it faced challenges with increasing liabilities and a significant stockholders’ deficit.
About VERISIGN INC/CA
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