GoDaddy shares tumble after Q2 earnings; Insight Enterprises beats expectations

stock market
Posted at 9:36 AM, Aug 06, 2021
and last updated 2021-08-06 12:36:18-04

TEMPE, AZ — GoDaddy, the web domain registrar company in Tempe, reported growth during its most recent quarter, but a slightly sour outlook for the rest of the year has triggered a drop in its stock price on Thursday.

On Wednesday, GoDaddy Inc. (NYSE: GDDY) reported $931.3 million in revenue for the second quarter ended June 30, ahead of the Wall Street expectation of $919 million and up 15.5% from the same period last year.

The company also reported year-over-year growth in total bookings, domain revenue and net cash from operations, but with adjusted earnings per share of 27 cents, GoDaddy fell short of the consensus earnings estimate.

In his prepared remarks following the release, GoDaddy CFO Mark McCaffrey said the business model is strong, but he warned of potential challenges ahead later in the year.

GoDaddy released its earnings after the market closed on Wednesday and traders reacted negatively as a result. GDDY lost $10.39 (12.44%) per share during Thursday trading to close down at $73.12.

Insight Enterprises, a Tempe technology distribution company, reported revenue and earnings ahead of Wall Street predictions, despite continued supply chain issues caused by the COVID-19 pandemic.

Insight (Nasdaq: NSIT) posted net sales of $2.23 billion in its second quarter ended June 30, which was up 13% from the same period last year and better than the analyst estimate of $2.21 billion.

Insight’s share price was basically flat, gaining 7 cents (0.07%) in Thursday trading to close at $100.12 per share.

Read more of this story from the Business Journal.