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Web hosting firm GoDaddy tops revenue estimates

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Web hosting firm GoDaddy tops revenue estimates

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(Reuters) – GoDaddy Inc’s first-quarter revenue topped Wall Street forecasts on Tuesday, as the web-hosting company gained thousands of new customers from its acquisition of Host Europe last year.

Shares of the world’s largest domain name registrar rose 2 percent in after-hours trading following the news.

Scottsdale, Arizona-based GoDaddy had about 17.7 million customers as of March 31, up about 17 percent from a year earlier.

GoDaddy, which manages over 76 million domain names or roughly a fifth of all domain names worldwide, forecast current-quarter revenue of between $640 million and $645 million.

Analysts on average were expecting $635.9 million, according to Thomson Reuters I/B/E/S.

GoDaddy said net income attributable to the company rose to $3.3 million in the first quarter from about $600,000 (443,295.16 pounds) a year earlier.

The company earned 2 cents per share, matching analysts’ expectations.

Revenue jumped about 29 percent to $633.2 million, topping expectations of $622.4 million.

(Reporting by Munsif Vengattil in Bengaluru)

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