The US-based domain registrar and web hosting company GoDaddy has released its earnings results for the first quarter revealing that it brought in $901.1m in revenue with a net income of $10.8m.
So far the company is off to a great start in 2021 as it increased its first quarter revenue by 13.8% when compared to the same period last year in which it brought in $792m.
However, GoDaddy’s total bookings for the quarter reached an all-time high of $1bn and were up by 13.8% year over year.
GoDaddy CFO Ray Winborne provided further insight on crossing this threshold in a press release, saying:
“We reported our first $1 billion bookings quarter on strong demand as we invest to grow and scale the business. The strategy articulated a year ago is working, driving four quarters of accelerating growth and meaningful upside to our estimates. And our focus on prudent capital allocation is unwavering, as proven by four recently announced acquisitions and repurchasing 2% of our outstanding shares at attractive prices.”
Growing its business
GoDaddy’s first quarter results for 2021 also revealed that it brought in $422.7m in domains revenue up by 18.8% year over year, while its hosting and presence revenue for Q1 was $310m, an increase of 4.4% year over year.
At the same time, the company has been working to grow its business globally and international revenue made up $404.1m of its first quarter revenue, which is up by 15.5% year over year.
As both chief legal officer Nima Kelly and chief financial officer Ray Winborne plan to retire this year, GoDaddy also announced that Michele Lau will be joining the company as its new chief legal officer and Mark McCafferey will be joining as its new CFO.
According to board director Mark Garrett, McCaffrey’s previous experience at PWC and his work transforming Adobe’s business model will translate well into his new role at GoDaddy.
For its second fiscal quarter which ends in June, GoDaddy expects a revenue of approximately $920m and the company plans to achieve this by growing its domains, hosting and presence and business applications businesses.
