Welcome to our dedicated page for GoDaddy news (Ticker: GDDY), a resource for investors and traders seeking the latest updates and insights on GoDaddy stock.
GoDaddy Inc. (NYSE: GDDY) is a global leader in domain registration and web services, helping millions of entrepreneurs start, grow, and scale their businesses online. Founded with the mission to make it easy and affordable for people to get their ideas online, GoDaddy has evolved into a comprehensive platform offering domain registration, website hosting, security, design, business productivity tools, commerce solutions, and domain registry services.
GoDaddy primarily serves micro- to small businesses, website design professionals, registrar peers, and domain investors. In 2021, the company expanded its offerings by acquiring payment processing platform Poynt, enabling it to offer omnicommerce solutions, including online payment gateways and offline point-of-sale devices.
Recent Achievements and Current Projects:
- In February 2024, GoDaddy's Venture Forward research initiative, in collaboration with Nasdaq and Wells Fargo, highlighted the growing impact of women-led microbusinesses. The panel discussed challenges like access to capital and provided insights to support women entrepreneurs.
- GoDaddy reported strong financial results for Q1 2024, with a focus on sustainable growth and innovation. The company repurchased 2.8 million shares year-to-date, demonstrating solid financial health.
- GoDaddy implemented infrastructure simplifications and restructuring efforts to reduce operating expenses and improve cash flows, impacting approximately 180 employees.
- In May 2024, GoDaddy closed a $1 billion tranche of term loans maturing in 2031 to refinance and extend the maturity date of previous loans, enhancing its financial flexibility.
Financial Condition and Outlook:
As of March 31, 2024, GoDaddy had $664 million in cash and cash equivalents, total debt of $3.9 billion, and net debt of $3.2 billion. The company expects Q2 2024 revenue to range between $1.10 billion and $1.12 billion, with full-year 2024 revenue projected at $4.50 billion to $4.56 billion. GoDaddy aims for a full-year normalized EBITDA margin of approximately 29% and expects unlevered free cash flow of at least $1.4 billion.
For more information, visit GoDaddy's website or their Investor Relations page.
GoDaddy Inc. reported positive financial results for the first quarter of 2024, with total revenue of $1.1 billion, up 7% year-over-year. The company witnessed growth in applications and commerce revenue, as well as core platform revenue. Total bookings increased by 9%, and net cash provided by operating activities saw a 10% rise. The company reported a net income of $401.5 million, up 747% year-over-year. GoDaddy expects continued growth for the second quarter and full year 2024.
GoDaddy launches Empower by GoDaddy, a social impact program supporting underserved entrepreneurs, partnering with 12 organizations to offer mentoring, education, and networking in 2024. The program aims to increase digital knowledge and build relationships among entrepreneurs.
GoDaddy integrates Gmail and Microsoft 365 into Conversations, providing small businesses with a unified inbox to track conversations across channels, respond quickly, and improve customer satisfaction. This integration saves time for entrepreneurs by allowing them to access all their communication channels in one place.
Abbey Foster Jacobson, part of GoDaddy's ESG team, has successfully reduced GHG emissions by 50% from a 2019 baseline at the end of 2023. GoDaddy aims to enhance its ESG prioritization assessment in 2024 and beyond while focusing on reducing environmental impact further.
GoDaddy Small Business LinkedIn Group is hosting a series of events to celebrate Small Business Week from April 29th to May 3rd, 2024. The events feature industry veterans and thought leaders sharing insights on various topics, aiming to help small business owners enhance their social media presence, understand the importance of diversity in business, and explore the potential of Generative AI for small businesses.
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