news GoDaddy to lay off 8% of its global workforce

[Acroplex]

Just in: GoDaddy is laying off 8% of its global workforce.

 

[Anthonyb5615]

In the last 6 months I’ve heard of so many small & large businesses closing with every company doing layoffs! Bear market, recession, war in Ukraine, Covid 19 aftermath
It’s not looking good!
My eBay business has never been so bad too!

 

[M999]

@JB Lions
@bmugford

Your GDDY is looking pretty sickly after hours…

 

[JB Lions]

@JB Lions
@bmugford

Your GDDY is looking pretty sickly after hours…

First month only $1 - https://subscriptions.hookedonphonics.com/enhanced/combo

or this to get you started - https://brilliant.org/landing/learn-math-basics/

 

[bmugford]

@JB Lions
@bmugford

Your GDDY is looking pretty sickly after hours…

"Your" GDDY? I don't currently own any GoDaddy stock.

Their earnings were average by any objective measure. Not great, not terrible.

Godaddy Inc (NYSE: GDDY) reported fourth quarter EPS of $0.60, $0.04 worse than the analyst estimate of $0.64. Revenue for the quarter came in at $1.04B versus the consensus estimate of $1.04B.

Guidance​

Godaddy Inc sees Q1 2023 revenue of $1.03B-$1.05B versus the analyst consensus of $1.06B.

According to Zacks -

The results met Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was also for earnings of 62 cents per share.

 

[jmcc]

The idea of only using the share price of a company to gauge its performance in the domain name market is not a good one. The share price has many different factors affecting it. The domain name market effectively runs on a domain name year basis. That means that comparing Godaddy's share price from five years ago with the current share price is a comparison of share prices. The domain name market of 2019 (or 2018) is very different from that of 2023. It was only possible to see how the domain name market of 2019 performed in early 2021 (when the last of the December 2019 registrations would go through their renewal/deletion process).

One of the things that analysts should be watching is the first renewal rate. That's the number of domain names registered in a year that successfully renew the following year. It is not visible with the ICANN registry reports.

Compared to 2019, Godaddy now has a substantial registry operation. It has also expanded considerably into the ccTLD markets over the past ten years or so and owns quite a few large European brands and registrars. This kind of stuff is also not included in the ICANN registry reports. Whenever there is a recession, large companies focus on consolidating their recent acquisitions and that's where a lot of the job losses appear.

Godaddy's main operation is US focused. That means that its performance will track that of the US economy. In terms of first renewals, it is quite good. The first renewal % for .COM over 2022 (2021 registrations renewing in 2022) has been bouncing around the 50% to 56% range and Goaddy is well above this.

Writing Godaddy off as another Netsol is a bit premature as they are very different companies. Goaddy is quite diversified in that it has multiple registrars (gTLD accreditations and ccTLD accreditations), brand protection, monetisation and sales businesses, hosting and a registry operation. It also has approximately 25% of the gTLD registrations market.

Regards...jmcc

 

[NameInbox]

@Acroplex thank you for Your great article !
Nice job

---
Yep
It's a new trend started at 2022

Amazon Plans to Cut 10,000 Jobs​

https://www.namepros.com/threads/amazon-plans-to-cut-10-000-jobs.1288599/

Meta to cut more than 11,000 jobs in one of the biggest layoffs this year​

https://www.namepros.com/threads/as...nk-their-domain-holdings.1287472/post-8758887

and it's going on now

Philips to cut 13% of jobs in safety and profitability drive​

https://www.reuters.com/markets/eur...-jobs-drive-improve-profitability-2023-01-30/

Ford is laying off about 3,000 workers​

https://www.nbcnews.com/business/autos/ford-laying-3000-workers-rcna44237


AI will and new technologies will push this trend up

​

 

[NameInbox]

Maybe some of that people will come into domaining ?

 

[forge]

Maybe some of that people will come into domaining ?

God help them.

 

[M999]

03/10/2023 - 11:40 a.m. EST

$74.09 < $74.23

Aman is a failure and so is @JB Lions equities portfolio.

 

[M999]

This is no surprise. The CEO, Aman, has been killing this company since he took over in 2019.

Years ago, I could call and talk to a rep. who was seasoned and knew the answer, or how to fix the problem I was calling about. Not anymore.

Aman has instilled a toxic culture and has off-shored everything. Chances of getting a USA employee when calling their help line is not good. Aman’s idea of increasing net profit is by reducing costs - By firing USA employees and hiring overseas at a fraction of the cost. Aman has no idea how to increase revenue.

And this is not just my opinion. It is clear to everyone - look at the 5 year stock chart.

@JB Lions

Ouch! Aman continues to destroy Godaddy.

 

[NameInbox]

@Acroplex thank you for Your great article !
Nice job

---
Yep
It's a new trend started at 2022

Amazon Plans to Cut 10,000 Jobs​

https://www.namepros.com/threads/amazon-plans-to-cut-10-000-jobs.1288599/

Meta to cut more than 11,000 jobs in one of the biggest layoffs this year​

https://www.namepros.com/threads/as...nk-their-domain-holdings.1287472/post-8758887

and it's going on now

Philips to cut 13% of jobs in safety and profitability drive​

https://www.reuters.com/markets/eur...-jobs-drive-improve-profitability-2023-01-30/

Ford is laying off about 3,000 workers​

https://www.nbcnews.com/business/autos/ford-laying-3000-workers-rcna44237


AI will and new technologies will push this trend up

​

Now GTA​

'Grand Theft Auto' maker Take-Two to let go 5% of staff, scrap some projects​

https://www.reuters.com/technology/take-two-interactive-cut-5-its-workforce-2024-04-16/