GoDaddy Aftermarket Grows 12%, Company Reports 180 Layoffs

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.