Verisign reports Q1 2020 earnings Revenue up 2%

Verisign, Inc ((NASDAQ: VRSN) reported first quarter 2020 earnings.

Financial Highlights

• Verisign ended the first quarter of 2020 with cash, cash equivalents and marketable securities of $1.14 billion, a decrease of $79 million from the end of 2019.
• Cash flow from operating activities was $180 million for the first quarter of 2020, compared to $187 million for the same quarter in 2019.
• Deferred revenues as of March 31, 2020 totaled $1.06 billion, an increase of $23 million from the end of 2019.
• During the first quarter of 2020, Verisign repurchased 1.3 million shares of its common stock for an aggregate cost of $245 million. As of March 31, 2020, there was $826 million remaining for future share repurchases under the share repurchase program which has no expiration date.

VeriSign, Inc. and its subsidiaries (“Verisign”) reported revenue of $313 million for the first quarter of 2020, up 2.0 percent from the same quarter in 2019. Verisign reported net income of $334 million and diluted earnings per share (diluted “EPS”) of $2.86 for the first quarter of 2020, compared to net income of $163 million and diluted EPS of $1.35 for the same quarter in 2019. The operating margin was 66.0 percent for the first quarter of 2020 compared to 65.4 percent for the same quarter in 2019.