GoDaddy (GDDY) Stock Falls Despite Q2 Earnings, Revenue Beat

GoDaddy (NYSE:GDDY) stock was down late in the day Thursday despite the fact that the company reported strong quarterly earnings results that beat analysts’ expectations, as well as a strong guidance.

GoDaddy (GDDY)The domain name registering company said that its second quarter of fiscal 2018 brought in net income of $18.1 million, which was a decline compared to the $20.8 million that it amassed during the year-ago quarter.

GoDaddy said that on an adjusted basis, it brought in earnings of 12 cents per share, which was stronger than the 8 cents per share that analysts were calling for. The company also said that its revenue was better than expected at $651.6 million for its second quarter, ahead of the $643.6 million that the Wall Street consensus estimate called for.

GoDaddy continued to cement its place as the world’s largest domain name registrar as the period helped it reach 18 million customers by the midpoint of its fiscal 2018. The figure marked a 6.5% increase compared to the number of customers it had by the end of the second quarter of fiscal 2017.

The company’s domain revenue surpassed the $300 million mark for the first time, reaching $305 million. The figure was stronger than the $263 million in revenue from the year-ago quarter, as well as higher than the $292 million from the previous quarter.

GDDY stock gained 2.1% during regular trading hours Thursday in anticipation of the company’s quarterly earnings results. Despite its profit and revenue beat, shares declined 4.3% after the bell.

Article printed from InvestorPlace Media,

©2023 InvestorPlace Media, LLC