Summary by Moomoo AI
VeriSign reported Q3 2024 revenues of $390.6 million, a 4% increase from Q3 2023, driven by .com and .net price increases. Operating income rose 6% to $269.3 million, while net income grew to $201.3 million from $188.5 million year-over-year. The company processed 9.3 million new domain registrations during the quarter, down from 9.9 million in Q3 2023.The total .com and .net domain name base decreased to 169.6 million registrations, representing a 2.5% decline from the previous year and a net decrease of 1.1 million from Q2 2024. The final .com and .net renewal rate for Q2 2024 was 72.7%, compared to 73.4% for Q2 2023. The decline in domain base was attributed to challenging economic conditions in China and shifts in U.S. registrar strategies.The company maintained strong liquidity with $644.9 million in cash and marketable securities as of September 30, 2024. During Q3, VeriSign repurchased 1.7 million shares for $300.9 million, with $1.28 billion remaining under its share repurchase program. The Board authorized an additional $1.11 billion for share repurchases and appointed Debra W. McCann as a new director.
