Verisign turns in another predictable quarter.
Verisign (NASDAQ: VRSN) reported earnings after the bell today.
Q3 2021 revenue was up 5.1% year over year to $334 million. Net income came in at $157 million. That’s down from $171 million in the same quarter last year but up $10 million after accounting for an unrecognized tax gain in Q3 2020.
.Com and .net domains under management (DUMs) increased 5.1% year over year to 172.1 million. Customers registered 10.7 million new .com and .net domains during the quarter, down from 10.9 million in the same quarter of 2020. Remember that domain registrations were booming a year ago as companies moved online due to the pandemic. DUMs increased by 1.48 million during the quarter after accounting for deletions.
Verisign raised the price to register and renew .com domains by 7% on September 1. That increase will start to juice margins as the company recognizes revenue from registrations and renewals made after August.