GoDaddy Reports $4.573 Billion Revenue with 7.5% Growth, Net Income Decline in 2024

GoDaddy Inc. reported a total revenue of $4.573 billion for the fiscal year ending December 31, 2024, marking a 7.5% increase from $4.254 billion in 2023. The company's net income for the same period was $937 million, a decrease of 31.9% compared to $1.376 billion in the previous year. This decline in net income was primarily attributed to a significant tax benefit of $972 million recognized in 2023 due to the release of a valuation allowance on deferred tax assets, which did not recur in 2024. The company's operating income, however, saw a substantial increase of 63.2%, rising to $894 million from $547 million in 2023.

In terms of strategic developments, GoDaddy has focused on enhancing its product offerings and customer engagement through the integration of artificial intelligence (AI) technologies, particularly with the introduction of its AI-powered tool, Airo. The company also undertook restructuring initiatives that impacted approximately 280 employees, resulting in pre-tax restructuring charges of $39.4 million in 2024, down from $90.8 million in 2023. These efforts are part of GoDaddy's broader strategy to streamline operations and improve profitability.

Operationally, GoDaddy reported a customer base of approximately 20.5 million as of December 31, 2024, a slight decrease from 21.0 million in 2023. The company maintained a customer retention rate of approximately 84%, with retention for customers on the GoDaddy platform at about 87%. The total number of domains under management was approximately 81 million, representing about 22% of the global market share. GoDaddy's Applications and Commerce (A&C) segment generated $1.653 billion in revenue, a 16% increase from the previous year, while the Core Platform segment contributed $2.920 billion, reflecting a 3% growth.

Looking ahead, GoDaddy expressed optimism about its growth trajectory, driven by ongoing investments in technology and product development, particularly in AI and e-commerce solutions. The company anticipates that its focus on customer-centric innovations and strategic pricing initiatives will continue to enhance its market position. However, GoDaddy also acknowledged potential challenges, including economic conditions that could impact customer spending and competition in the rapidly evolving digital services landscape. The company remains committed to leveraging its strong brand recognition and customer relationships to navigate these challenges effectively.