GoDaddy Stock Surges After Raising Revenue Guidance

Key Takeaways

• GoDaddy shares surged Friday, a day after the company raised its 2024 revenue guidance after the bell.
• The internet domain company’s second-quarter results were roughly in line with consensus estimates.
• CEO Aman Bhutani said the company is “growing discovery and engagement” of its AI-powered GoDaddy Airo.

GoDaddy (GDDY) shares surged Friday, a day after the company raised its 2024 revenue guidance after the bell. The internet domain company now expects full-year revenue of between $4.525 billion and $4.565 billion, up from its prior range of $4.50 billion to $4.56 billion and representing year-over-year growth of about 7% at the midpoint.

In the second quarter, GoDaddy posted earnings per share (EPS) of $1.01 on revenue of $1.12 billion, roughly in line with consensus expectations of analysts polled by Visible Alpha. Total bookings were $1.26 billion, up 11% year-over-year.

‘Growing Discovery and Engagement’ of AI-Powered GoDaddy Airo

“We are making progress on our key initiatives, including growing discovery and engagement of our AI-powered experience, GoDaddy Airo,” Chief Executive Officer (CEO) Aman Bhutani said.

Shares of GoDaddy climbed more than 6% to $150.54 as of 2 p.m. ET Friday. They have gained about 42% this year.

GoDaddy, the popular internet domain company, experienced a surge in its stock price on Friday following an announcement that it had raised its 2024 revenue guidance. The company now expects full-year revenue to be between $4.525 billion and $4.565 billion, up from its previous range of $4.50 billion to $4.56 billion. This represents a year-over-year growth of approximately 7% at the midpoint.

In the second quarter, GoDaddy reported earnings per share (EPS) of $1.01 on revenue of $1.12 billion. These results were in line with the consensus estimates of analysts polled by Visible Alpha. Total bookings for the quarter reached $1.26 billion, marking an 11% increase compared to the previous year.

CEO Aman Bhutani expressed satisfaction with the company’s performance and highlighted the progress being made in key initiatives. Specifically, Bhutani mentioned the “growing discovery and engagement” of GoDaddy Airo, the company’s AI-powered experience.

The positive news regarding GoDaddy’s financials and growth prospects has had a significant impact on its stock price. Shares of GoDaddy surged more than 6% to reach $150.54 as of 2 p.m. ET on Friday. This year alone, the stock has gained approximately 42%, indicating strong investor confidence in the company’s future prospects.

Conclusion

GoDaddy’s decision to raise its 2024 revenue guidance has generated excitement among investors, leading to a surge in the company’s stock price. The internet domain company’s second-quarter results were in line with expectations, further bolstering investor confidence. CEO Aman Bhutani’s emphasis on the “growing discovery and engagement” of GoDaddy Airo, the company’s AI-powered experience, highlights the company’s commitment to innovation and its ability to adapt to evolving market trends. With a strong financial performance and positive growth outlook, GoDaddy continues to position itself as a leader in the internet domain industry.

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