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On Monday, VeriSign Inc. (NASDAQ:VRSN), the $26.3 billion market cap internet infrastructure giant, reported the resignation of long-standing board member Thomas F. Frist, III. After a decade of service, Frist cited increasing personal and professional obligations as the reason for his departure.
The company’s board accepted his resignation, effective immediately, and acknowledged his contributions with gratitude, wishing him well for the future. Following Frist’s resignation, VeriSign is expected to reduce the number of its board members. The company maintains impressive financial health, with an 88% gross profit margin and strong profitability metrics, according to InvestingPro data.
This change in the board’s composition comes amid the company’s ongoing efforts to streamline its governance and strategic direction. VeriSign, headquartered in Reston, Virginia, is known for providing domain name registry services and internet infrastructure.
The information in this article is based on a recent SEC filing by VeriSign.
In other recent news, VeriSign Inc. reported its first-quarter 2025 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of $2.10, compared to the forecasted $2.07. The company’s revenue for the quarter reached $402 million, slightly exceeding the anticipated $396.52 million, marking a 4.7% increase year-over-year. VeriSign also announced the initiation of a quarterly cash dividend of $0.77 per share, reflecting its strategic capital return to shareholders. The company continues to focus on expanding its domain name base and marketing programs to drive growth.
In addition to its financial performance, VeriSign’s Board of Directors declared the introduction of a cash dividend, which the company intends to grow annually with earnings growth. The firm issued $500 million of new senior notes to refinance existing debt, maintaining a stable financial position with $649 million in cash and equivalents. VeriSign’s strategic initiatives include the development of the .web top-level domain, although legal proceedings may delay its launch. Despite macroeconomic uncertainties, VeriSign remains committed to its growth strategies and has raised its full-year revenue guidance to between $1.635 billion and $1.650 billion.
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