GoDaddy Inc. (NYSE: GDDY), reported financial results for the second quarter that ended June 30, 2023. After hours 72.00 −3.72 (4.91%)
Business Highlights
- Applications and Commerce revenue grew to $352 million in the second quarter, up 11%, year-over-year, with annualized recurring revenue (ARR) up 10% year-over-year, growing to $1.3 billion in the second quarter.
- ARR for GoDaddy’s Create + Grow suite of website builders grew to $465 million, up 11% year-over-year, in the second quarter, representing a one point sequential lift in growth rate from Q1.
- Gross payments volume (GPV) from GoDaddy’s Commerce offerings continued its strong growth and is on pace to more than double 2022 GPV by year end.
- Gross merchandise volume (GMV) totaled $33 billion in the second quarter, up 20% year-over-year.
- Core Platform revenue totaled $696 million in the second quarter, flat year-over-year, and ARR totaled $2.3 billion in the second quarter, flat year-over-year.
- GoDaddy implemented powerful generative AI tools into Websites + Marketing, helping micro businesses run their business and manage their site through auto-generated online store product descriptions, customer service messages, and Instagram and Facebook ads.
- Released GoDaddy.AI, a free online resource for customers, which provides tips and current news on all things generative AI for small businesses.
- Brought AI-powered tools to GoDaddy Pros with GoDaddy’s AI Assistant in the Pro Hub, using generative AI to expedite time consuming, repetitive tasks including generating suggested site content, proposals, invoicing and client communications. GoDaddy also launched AI-powered conversational onboarding, delivering an easier method to set up a new WordPress site.
- GoDaddy will hold an in-person Investor Day in Q1 2024 at its Tempe, Arizona, office during which leaders will discuss the company’s long-term strategy, innovation initiatives, financial framework and capital allocation strategy, as well as provide demonstrations of recently launched products. Additional details regarding event logistics will be provided in winter 2024.