GoDaddy has revealed its financial results for the third quarter of 2020, showing strong growth across several market segments.
The company expects revenue in the fourth quarter ending December 31, 2020 to hit $865 million, representing year-on-year growth of approximately 11%, suggesting that its new website builder tool is proving popular.
Late last year, GoDaddy relaunched its website-building product, renaming it from GoCentral to Websites + Marketing. In addition to offering a strong website builder, the solution also lets administrators manage their SEO, read customer reviews and post updates. In addition to Websites+ Marketing, GoDaddy Managed WordPress, Over by GoDaddy and Sellbrite have all performed well recently.
“We delivered accelerated growth in bookings and revenue this quarter along with 17% year over year growth in unlevered free cash flow,”GoDaddy CFO Ray Winborne said. “Integration of the four acquisitions we’ve completed this year is paying off in both exciting new product capabilities and improved financial performance.”
Going well
Giving users of GoDaddy’s website builder the ability to create shoppable posts and setup synced shops across both Facebook and Instagram, has proved to be another useful addition. The feature has provided small businesses using GoDaddy another opportunity to increase sales.
The website building platform is just one of several subscription services offered by GoDaddy – all of which are performing well. Subscription tools posted an annualized recurring revenue growth rate of 40% for the third quarter.
Other standout financial results include the fact that Q3 bookings hit $945 million and customer numbers grew by 400,000. The company has had a good 2020 so far, with 1 million customers added since January, the biggest 9-month increase in its history.
