GoDaddy expects to be profitable in the fourth quarter

Web-hosting company GoDaddy Inc (GDDY.N) reported a narrower-than-expected quarterly loss, helped by a jump in revenue in its international markets, and said it expected to be profitable in the fourth quarter.

Shares of the company were up 9 percent in trading after the bell.

GoDaddy, which manages more than 61 million Internet domains – or about 20 percent of the world’s total – has been investing heavily to expand into new markets.

The company plans to be in the greater Asia region by the end of 2016, including China, Indonesia and Vietnam, Chief Financial Officer Scott Wagner told Reuters.

GoDaddy’s international revenue in the third quarter ended Sept. 30 jumped 17.4 percent to $105.3 million from a year earlier.

Total revenue rose 15.2 percent to $411.1 million, topping analysts’ estimate of $408.6 million, according to Thomson Reuters I/B/E/S.

GoDaddy’s customer base grew 8.8 percent to 13.6 million.

Net loss attributable narrowed to $2.5 million, or 4 cents per share, from $27.6 million, or 21 cents per share. Analysts on average had expected a loss of 7 cents per share.

The company also forecast fourth-quarter revenue of $421 million-$424 million, largely in line with analysts’ estimate of $423.6 million.

Up to Wednesday’s close, GoDaddy’s stock had risen 37.2 percent since its debut on April 1.

Source: Reuters