Giant Tech stock under pressure: Verisign, Inc. (NASDAQ: VRSN)

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Verisign, Inc. (NASDAQ: VRSN) stock fell over 1.5% on 24th April, 2020 (as of 11:43 am GMT-4 ; Source: Google finance) post the first quarter of FY 20. Verisign ended the first quarter of 2020 with cash, cash equivalents and marketable securities of $1.14 billion, which reflects the decrease of $79 million from the end of 2019. The company has generated cash flow from operating activities of $180 million for the first quarter of 2020, compared to $187 million for the same quarter in 2019. The company has ended the first quarter of 2020 with 160.7 million .com and .net domain name registrations in the domain name base, which represents a 3.8 percent increase from the end of the first quarter of 2019, and a net increase of 1.83 million during the first quarter of 2020. During the first quarter of 2020, the company had processed 10 million new domain name registrations for .com and .net, compared to 9.8 million for the same quarter in 2019.

VRSN in the first quarter of FY 20 has reported the adjusted earnings per share of $2.86, while reported the adjusted revenue growth of 2 percent to $313 million in the first quarter of FY 20.

Additionally, during the first quarter of 2020, Verisign had repurchased 1.3 million shares of its common stock for the total cost of $245 million. At the end of March , 2020, there was $826 million remaining for future share repurchases under the share repurchase program which has no expiration date.

Meanwhile, the company & ICANN have signed the Third Amendment to the .com Registry Agreement which, among other changes, which permits VRSN to increase the price of .com domain name registrations by up to 7% over the previous year, in each of the final four years of each six-year period. The first such six-year period began on October 26, 2018. However, due to the current COVID-19 crisis, the company has announced on March 25, 2020, that it will freeze registry prices for all of its Top-Level Domains (TLDs), including .com and .net, through the end of 2020.

On the other hand, during the first quarter, Todd Strubbe was promoted from Executive Vice President and Chief Operating Officer to President and Chief Operating Officer, which will further strengthen the company’s senior management team.

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