GoDaddy revenue rises by 17.5% due to customer additions

Web hosting company GoDaddy posted a 17.5% rise in revenue in its first quarterly report as a public company, helped by customer additions and an increase in revenue per average user.

GoDaddy forecasted a revenue of between $390m and $395m for the second quarter and between $1.60b to $1.61b for the full year.

The company, which manages about 59 million Internet domains which is nearly a fifth of the world’s total said it had 13.1 million customers at the end of the first quarter that ended March 31, compared with 11.9 million a year earlier.

GoDaddy, known for its racy TV commercials stated bookings rose about 14 percent to $498.7 million in the first quarter. The Internet company had filed to go public in 2006 but later withdrew, citing unfavorable market conditions, the same year Google launched its free web-hosting service Google Page Creator.

GoDaddy competes with United Internet, Web.com and companies such as Amazon.com, Endurance International Group Holdings and Microsoft, which have recently entered the domain name registration business.

The company’s net loss narrowed to $43.4 million, or 34 cents per share, for the first quarter ended March 31, from $51.3 million, or 40 cents per share, a year earlier.

The company’s shares rose as much as 5.5 percent in after-market trading, before reversing course sharply to trade down as much as 3.7 percent. Up to Monday’s close, the stock had risen more than 33 percent since GoDaddy went public on April 1st.

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