Verisign grows revenue as its domain base reaches 182.5 million
Verisign’s third-quarter revenue rose 5.7 per cent to 443 million dollars, while net income stayed at 213 million dollars. Its combined .com and .net domain base expanded to 182.5 million names. New registrations increased, but operating cash flow declined from a year earlier. The internet registry operator also announced a dividend of 0.81 dollars per share scheduled for November.
Economics & Markets··Morning
Quarterly revenue grows alongside the domain base
Verisign reported third-quarter revenue growth and an increase in its domain registration base. The company operates internet domain name registry services.[1], [2]
Revenue reached 443 million dollars, up 5.7 per cent from a year earlier. Operating income increased to 296 million dollars, but net income stayed at 213 million dollars. Diluted earnings per share rose to 2.35 dollars. An operating loss on assets held for sale reduced earnings per share by 0.06 dollars.[1]
New .com and .net registrations increase
The combined .com and .net registration base reached 182.5 million names, up 6.1 per cent annually. During the quarter, 13.1 million new names were registered, compared with 10.6 million a year earlier. The finalized renewal rate for the preceding second quarter was 75.2 per cent, down from 75.5 per cent a year earlier. Renewal rates become fully measurable 45 days after a quarter ends.[1]
Cash flow declines as dividend payment approaches
Operating cash flow declined from 308 million dollars to 268 million dollars. Verisign repurchased approximately 0.7 million shares for 189 million dollars during the quarter. Its board approved a dividend of 0.81 dollars per share on October 19, payable on November 24 to shareholders of record on November 17.[1]
