- In the first quarter, Verisign processed 10.3 million new domain name registrations for .com and .net.
- VeriSign and its subsidiaries reported revenue of $364 million for the first quarter of 2023, up 5.1% from the same quarter in 2022.
- The company reported net income of $179 million and diluted earnings per share of $1.70.
A global provider of domain name registration services and internet infrastructure, Verisign released financial results for the first quarter of 2023. The company ended the quarter with 174.8 million .com and .net domain name registrations, an increase of 0.1% compared to the end of the first quarter of 2022 and a net increase of 1.0 million domain names during the first quarter of 2023.
10.3 million new domains
Verisign reported that in the first quarter, the company processed 10.3 million new domain name registrations for .com and .net, up from 10.2 million year-over-year. For the first quarter, Verisign reported revenue of $364 million, up 5.1% year-over-year. Operating profit was $241 million compared to $225 million the previous year. Verisign reported net income of $179 million and diluted earnings per share of $1.70 for the first quarter of 2023
Financial Highlights:
- Verisign ended the first quarter of 2023 with cash, cash equivalents and marketable securities of $1.02 billion, an increase of $35 million from year-end 2022.
- Cash flow from operations was $259 million for the first quarter of 2023, compared to $207 million for the same quarter of 2022.
- Deferred revenue as of March 31, 2023 totaled $1.26 billion, an increase of $42 million from the end of fiscal 2022.
- During the first quarter of 2023, Verisign repurchased 1.1 million common shares for a total cost of $220 million. As of March 31, 2023, $639 million remained for future share repurchases under the stock repurchase program which does not expire.
Jim Bidzos, Executive Chairman and CEO of Verisign, said:
“The long trend line of growing reliance on Internet infrastructure continues. By focusing on our mission to operate a secure and reliable browsing infrastructure, Verisign delivered another strong quarter. »
