VeriSign, Inc. reported a revenue of $1.557 billion for the fiscal year ending December 31, 2024, marking a 4% increase from $1.493 billion in 2023. The company's operating income also rose by 6% to $1.058 billion, compared to $1.001 billion in the previous year. Despite this growth in revenue and profitability, the total number of .com and .net domain registrations decreased by 2.1% to 169 million, down from 172.7 million in 2023. The decline in registrations was attributed to competitive pressures and changing internet practices, which have affected renewal rates and new registrations.
In 2024, VeriSign processed 37.4 million new domain registrations, a decrease from 39.4 million in 2023. The renewal rate for .com and .net domains fell to 72.2% in the third quarter of 2024, down from 73.5% in the same quarter of the previous year. The company implemented a price increase for .com domain registrations, raising the annual wholesale fee from $9.59 to $10.26 effective September 1, 2024. This price adjustment, along with the elimination of revenue from the .gov gTLD, which was transitioned to another service provider, contributed to the overall revenue growth.
VeriSign's operational metrics indicate a strong focus on maintaining its market position. The company repurchased 6.6 million shares of its common stock for $1.21 billion in 2024, with approximately $1.02 billion remaining under its share repurchase program. The workforce as of December 31, 2024, consisted of 932 employees, with a significant portion based in the U.S. The company continues to invest in research and development, with expenses in this area increasing by 6% to $96.7 million, reflecting its commitment to enhancing its technology and services.
Looking ahead, VeriSign remains cautious about the competitive landscape and market conditions that could impact demand for domain registrations. The company noted that ongoing changes in consumer behavior, particularly the increasing use of social media and alternative online presence solutions, could further affect its business. Despite these challenges, VeriSign's management expressed confidence in its ability to adapt and maintain its leadership in the domain name registry market, supported by its established infrastructure and strategic pricing decisions.
About VERISIGN INC/CA
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