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Home > Web Hosting > GoDaddy reports 2nd quarter results 2022

GoDaddy reports 2nd quarter results 2022

GoDaddy reported the company's financial results for the second quarter of 2022, which ended June 30.


Erdem Yasar Erdem Yasar
August 4, 2022
2 min read
GoDaddy reports 2nd quarter results
  • According to the report published by GoDaddy, the company’s revenue increased by 9% year-over-year and net income increased by 93% year-over-year.
  • The company repurchased 12.8 million shares of its common stock for an aggregate purchase price of $1 billion.
  • During the quarter, the company launched the Payable Domains pilot program, which is expected to be launched in the third quarter.

The world’s biggest web hosting company and registrar, GoDaddy reported financial results for the second quarter ended June 30. During the period, the company managed to increase its revenue. The company also spent approximately $1 billion to repurchase 12.8 million shares of its common stock. The average price per share was $78.22. It represents an approximately 8% reduction in fully diluted shares outstanding.

Results and outlook

In the second quarter, GoDaddy’s revenue increased by 9% year-over-year while its net income increased by 93% year-over-year. Annualized recurring revenue for applications and commerce grew 12% year-over-year to $1.2 billion. ARR for the core platform grew 5% year-over-year to $2.3 billion. Also, the company achieved a gross merchandise volume of $28 billion, increased by 12% year-over-year.

During the quarter, the adoption of GoDaddy Payments for eCommerce solutions was increased to 80% of Websites + Marketing commerce customers and 30% of Managed WordPress customers in the WooCommerce tier selecting GoDaddy Payments. The company also launched the pilot program for Payable Domains, which is expected to be generally available in the third quarter, to simplify the online payments process by providing a professional branded checkout and allowing them to accept payments. In the quarter, GoDaddy also launched a beta WooSaas online store, offering a solution targeted to larger merchants.

Aman Bhutani, CEO of GoDaddy
Aman Bhutani, CEO of GoDaddy

In the next quarter, the company targets a total revenue between $1.030 billion to $1.045 billion, which represents year-over-year growth of 8%. The company is also expecting applications and commerce revenue growth from 13% to 15% and between 4% to 6% growth in core platform revenue. For the whole year, GoDaddy is targeting unlevered free cash flow of approximately $1.1 billion which represents a growth of 15% year-over-year. Aman Bhutani, CEO of GoDaddy said,

« GoDaddy’s strong second quarter results reflect our focus on achieving the strategic initiatives and financial targets we laid out at our Investor Day earlier this year. We continue to adapt to the challenging macroeconomic environment, including using success-based marketing spend to drive demand where we see opportunity and investing in technology and development to drive future growth. »

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Tags: GoDaddy
Erdem Yasar

Erdem Yasar

Erdem Yasar is a news editor at Cloud7 News. Erdem started his career by writing video game reviews in 2007 for PC World magazine while he was studying computer engineering. In the following years, he focused on software development with various programming languages. After his graduation, he continued to work as an editor for several major tech-related websites and magazines. During the 2010s, Erdem Yasar shifted his focus to cloud computing, hosting, and data centers as they were becoming more popular topics in the tech industry. Erdem Yasar also worked with various industry-leading tech companies as a content creator by writing blog posts and other articles. Prior to his role at Cloud7 News, Erdem was the managing editor of T3 Magazine.

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