Scottsdale, AZ, November 8, 2024 — GoDaddy Inc. (NYSE: GDDY), a global leader in web hosting and domain management, announced its largest-ever share buyback of $500 million, signaling strong confidence in its financial performance and future growth. The company reported a robust 12% increase in revenue for the third quarter of 2024, driven by higher average revenue per user and a growing customer base, leading to a 10% surge in its stock during extended trading.
Key Financial Highlights:
GoDaddy Q3 Financial Performance
| Metric | Q3 2024 Data | Year-over-Year Change (2023) | Description |
|---|---|---|---|
| Share Buyback | $500 million | – | Largest share repurchase in the company’s history, reflecting commitment to shareholder value. |
| Total Revenue | $760.5 million | Up 12% | Revenue growth driven by increased average revenue per user and customer base expansion. |
| Average Revenue per User (ARPU) | $155 | Up 7.1% | Indicates the company’s focus on enhancing services and delivering value to customers. |
| Total Customers | 19.1 million | Up 4.6% | Growth in customer base demonstrates strong demand for GoDaddy’s hosting and digital services. |
| Net Income | $76.2 million | Up 477% ($13.2 million) | Significant increase in net income reflects improved profitability. |
| Earnings per Share (EPS) | $0.42 | Up 425% ($0.08) | Increase in EPS highlights the company’s enhanced financial performance. |
Strategic Focus and Updated Financial Outlook
GoDaddy, which manages approximately 20% of all global web domains, has been strategically investing in tools to help small businesses grow their online presence. These include inbuilt features for marketing, e-commerce, and social media management, which have been instrumental in boosting user engagement and revenue per customer.
Looking ahead, the company has tightened its full-year revenue forecast, now expecting to achieve between $2.98 billion and $2.99 billion, slightly narrowing from the previous guidance of $2.97 billion to $3.0 billion. This revised forecast reflects the company’s confidence in sustained revenue growth and its ability to navigate market dynamics effectively.
CEO Commentary
“We are thrilled with the strong performance in the third quarter, highlighted by record share buybacks and solid revenue growth,” said Aman Bhutani, CEO of GoDaddy. “Our focus on enhancing user experience and providing integrated tools for business growth continues to drive value for our customers and shareholders alike. As we look to the future, we remain committed to empowering small businesses and individuals to establish and grow their digital presence.”
Commitment to Growth and Innovation
GoDaddy’s ongoing investments in digital tools and customer engagement strategies underscore its commitment to being a comprehensive platform for online business management. The company’s efforts to streamline services and integrate social media marketing tools have resonated well with its diverse customer base, supporting its trajectory of revenue and user growth.
About GoDaddy
Founded in 1997, GoDaddy is a leading provider of domain registration, web hosting, and digital marketing services, empowering millions of users to build, manage, and grow their online presence. The company operates globally, with a portfolio of services tailored to meet the needs of small businesses, entrepreneurs, and individuals seeking to establish their digital footprint.
For further details, read the complete earnings release here.
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