GoDaddy posts 12 percent revenue, bids for $500 million share buyback

GoDaddy Inc announced on Wednesday it share buyback amounting to $500 million, its biggest thus far, including a reported increase in quarterly revenue of about 12%. The company posted profit markers as it attracted more users, thus earning more and boosting its shares by 10% in extended trading.

GoDaddy is a web hosting company that accounts for twenty percent of the total global web domains. Its primary service is to aid private firms market and grow their businesses through inbuilt tools to spread their influence on different social media platforms.

The company’s average revenue per user was up by 7.1% to $155 in the third quarter. In October, GoDaddy had 19.1 million customers, posting a 4.6% increase from last year.

The U.S.-based company also cut its 12-month revenue forecasts, ranging from $2.98 billion – $2.99 billion, from the previous $2.97 billion – $3.00 billion expected earlier.

GoDaddy’s total revenue surged 12% to $760.5 million.