GoDaddy (GDDY) Stock Down Following Q1 Results
NEW YORK (TheStreet) -- Shares of GoDaddy (GDDY) - Get Report are slumping by 2.38% to $29.91 on heavy trading volume on Thursday afternoon, after the Scottsdale, AZ-based company posted its results for the 2016 first quarter.
After yesterday's market close, the technology provider for small businesses posted a loss of 15 cents per share, narrower than the loss of 18 cents per share analysts had expected.
Revenue spiked by 15.3% to $433.7 million year-over-year and was higher than analysts' estimates of $430.6 million.
Total bookings rose by 11.9% to $557.8 million from last year and customers increased 7.6% to 14.1 million during the period.
"With a sizable addressable market of small businesses, a proven strategy and consistent execution, we are well positioned for continued growth at scale in 2016 and beyond," CEO Blake Irving said in a statement.
For 2016, GoDaddy now sees revenue between $1.83 billion to $1.845 billion compared to its previous outlook of $1.82 billion to $1.85 billion.
Analysts are projecting revenue of $1.83 billion for the full year.
During the second quarter, the company forecasts revenue of $448 million to $452 million. Analysts are looking for earnings of $451 million.
About 1.96 million of GoDaddy's shares were traded so far today compared to its average volume of 1.21 million shares per day.
