Ecommerce Demand Before Black Friday Helps Boost GoDaddy Revenue
The growing demand has helped domain and website hosting provider GoDaddy to post significant increases in profit and revenue for its last financial quarter.
The company’s domain and e-commerce offerings have been reported as some of the services that have helped the company’s revenue increase year over year.
âGoDaddy has taken a big step into the commerce scene with the hardware and payment offerings we launched in the third quarter,â said GoDaddy CEO Aman Bhutani.
âNew solutions like these, combined with a consistent, cash-generating business, gives us confidence in our ability to seize new opportunities and generate profitable growth at scale. “
GoDaddy has worked on the design and manufacture of several internal components and also created their own OmniCommerce solution for websites + marketing with point-of-sale devices, integrated payments and other solutions that power commerce in online and offline.
GoDaddy’s Website + Marketing Annualized Recurring Revenue (ARR) grew by more than 20% year-on-year for the third quarter of 2021, with products such as its managed WordPress hosting service and GoDaddy Studios helping the company to exceed $ 400 million.
GoDaddy CFO Mark McCaffrey said, âWe are pleased with the third quarter results and excited about the many growth opportunities ahead. “
âWe are focused on execution in the fourth quarter and beyond, and we look forward to sharing more about GoDaddy’s bright future on our Investor Day in February. “
Despite the overall growth, GoDaddy’s third quarter results did not outperform the previous quarter, where the company reported a 15.5% revenue increase.