The following is a summary of the VeriSign, Inc. (VRSN) Q1 2024 Earnings Call Transcript:
Financial Performance:
For Q1 2024, VeriSign reported a revenue of $384 million, marking a 5.5% increase year-over-year.
The operating income also grew by 7.3% in comparison to last year, with earnings per share increasing by 12.9%.
The company successfully repurchased 1.3 million shares for $260 million within this quarter.
Net income for this period was $194 million, resulting in diluted earnings per share of $1.92, a considerable rise from $1.70 last year.
Projections for 2024 see the revenue between $1.555 billion to $1.570 billion and operating income between $1.047 billion to $1.062 billion.
Business Progress:
Despite a slight decrease in domain name bases in .com and .net by 270,000 names from the previous year, VeriSign anticipates positive change between 0.25% to negative 1.75% for 2024.
New registrar marketing programs are planned to be implemented to aid registration trends and to achieve the goal of domain name base growth in 2025.
To boost registration in 2025, new marketing programs dedicated to registrars have been planned targeting new customer acquisition.
VeriSign maintains a steady fiscal health with $925 million in cash, equivalent, and marketable securities.
More details: VeriSign IR
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