GoDaddy reported its Q2/2024 earnings yesterday, raising its revenue forecast for fiscal 2024. The company anticipates strong demand as more businesses expand their online presence.
This announcement led to an 8% rise in GoDaddy’s shares during extended trading. Today, GDDY traded at new highs, closing at an all-time high of $151.25 dollars a share.
Note: This is not investment advice or a stock recommendation.
GoDaddy primarily serves small and medium-sized businesses, offering a range of services from domain registration to online tools and payment solutions. Analysts from Citi describe the company as an “essential one-stop-shop for micro businesses.”
In March, GoDaddy launched GoDaddy Airo, an AI-powered solution to help businesses grow online. The company now expects its 2024 revenue to be between $4.53 billion and $4.57 billion, slightly higher than its previous forecast of $4.50 billion to $4.56 billion.
For the third quarter, GoDaddy predicts revenue between $1.13 billion and $1.15 billion, matching analysts’ expectations.
In the second quarter, which ended on June 30, GoDaddy reported revenue of $1.12 billion, surpassing the analysts’ estimate of $1.11 billion. The company also reported a net income of $146.3 million, up from $83.1 million a year ago. Total bookings for the quarter were $1.26 billion, a 10.6% increase from the previous year.
Download the PDF presentation for Q2/2024.
