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GoDaddy Aftermarket Grows 12%, Company Reports 180 Layoffs
Industry Information
06 May 2024 09:23:46 AM
Abstract:
GoDaddy (NYSE: GDDY) reported first-quarter earnings this afternoon, which included an unexpected increase in domain name aftermarket revenue. Overall, GoDaddy's revenues increased 7% year-over-year to $1.109 billion.
Average sales prices in the aftermarket increased during the quarter.
GoDaddy (NYSE: GDDY) reported first-quarter earnings this afternoon, which included an unexpected increase in domain name aftermarket revenue.
Overall, GoDaddy's revenues increased 7% year-over-year to $1.109 billion.
Revenue from the Applications and Commerce segment grew 13% year-over-year, and revenue from the Core Platforms segment grew 4%.
The overall domain business grew 7% and the aftermarket grew 12%. The company attributed the strong results to:
-Strong demand for domain names in the primary and secondary markets
-Pricing increases in the primary market
-Higher average transaction value in the secondary market
The latter point suggests that GoDaddy may have closed some larger aftermarket sales in the quarter.
The company is targeting revenues of $450 to $4.56 billion for the year.
The company also announced that it laid off 180 employees in the first quarter to cut costs.
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