Headquartered in Tempe, Arizona, GoDaddy Inc. (GDDY) is a leading domain registration provider and web hosting services. With a market cap of $20.52 billion, GoDaddy is committed to empowering entrepreneurs and small businesses with innovative tools and solutions to establish and grow their online presence. The company's diverse offerings include domain name registration, website building, and online marketing services designed to optimize digital engagement and performance. GoDaddy is set to announce its fiscal Q2 earnings results after the market closes on Thursday, Aug. 1.
Ahead of the event, analysts expect GDDY to report a profit of $1.07 per share, up 69.8% from $0.63 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $1.08 per share for the last quarter surpassed the consensus estimate by 8%. GoDaddy's strong Q1 performance was driven by significant growth in its Applications & Commerce segment and higher average revenues per user.
For fiscal 2024, analysts expect GDDY to report EPS of $4.81, up 71.2% from $2.81 in fiscal 2023.
GDDY’s stock is up 35.5% on a YTD basis, outperforming the broader S&P 500 Index's ($SPX) 14% gains and the Vanguard Information Technology Index Fund ETF’s (VGT) 13.4% returns over the same time frame.
GDDY reported Q1 earnings on May 2. Revenue for the period was $1.11 billion, exceeding analysts' forecasts of $1.10 million. For the current quarter ending in June, GoDaddy said it expects revenue in the range of $1.1 billion to $1.12 billion and full-year revenue in the range of $4.5 billion to $4.56 billion. GDDY’s shares declined marginally after the company released its earnings report.
The consensus opinion on GDDY stock is optimistic, with an overall “Moderate Buy” rating. Out of the 16 analysts covering the stock, 10 advise a “Strong Buy” rating, one recommends a “Moderate Buy,” and five suggest a “Hold.” GDDY’s average analyst price target is $152.21, indicating a potential upside of 5.8% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
