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Home » Domain Names » Tucows and GoDaddy Report Q3 2022 Results

Tucows and GoDaddy Report Q3 2022 Results

Posted on November 6, 2022 Written by Bill Hartzer

Tucows and GoDaddy have both recently reported their Q3 2022 financial results. For Tucows, net revenue for the third quarter of 2022 increased 2.8% to $78.1 million from $75.9 million for the third quarter of 2021. For GoDaddy, GoDaddy delivered another $1 billion revenue quarter, along with 2% year-over-year growth in net income and 15% year-over-year growth in operating profit.

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  • Tucows Q3 2022 Results
  • GoDaddy Q3 2022 Results

Tucows Q3 2022 Results

Tucows’ net revenue increased 2.8 percent to $78.1 million from $75.9 million in Q3 2021.

Net revenue for the third quarter of 2022 increased 2.8% to $78.1 million from $75.9 million for the third quarter of 2021. The increase was primarily the result of growth in revenue from Ting.

Gross profit for the third quarter of 2022 was effectively flat at $18.0 million compared to the third quarter of 2021. The decrease was the result of increased network expenses, offset by growth in Ting’s gross margin.

Net loss for the third quarter of 2022 was $8.0 million, or a loss of $0.74 per share, compared with net income of $1.4 million, or $0.13 per share, for the third quarter of 2021 with the loss being the result of accelerated build of our Ting Internet Services fiber network and ramp up of operations, higher interest expenses and higher depreciation.

GoDaddy Q3 2022 Results

GoDaddy had another $1 billion revenue quarter, and grew 2 percent year over year in net income and 15 percent year over year growth in operating profit. Here are the highlights, as reported by GoDaddy:

  • Annualized recurring revenue (ARR) for applications and commerce grew 10% year-over-year to $1.3 billion in the third quarter.
  • ARR for core platform grew 2% year-over-year to $2.3 billion in the third quarter.
  • GoDaddy drove continued positive momentum in attachment of GoDaddy Payments within Websites + Marketing and Managed WordPress.
  • GoDaddy achieved solid growth in its commerce offerings with gross merchandise volume (GMV) of $29 billion, up 10% year-over-year in the third quarter.
  • GoDaddy expanded its relationship with Amazon Web Services to continue to migrate workloads and development to the cloud. This contract reduces overall costs in the form of long-term capital spend and energy expenses while providing agility to launch new products at a faster pace.
  • GoDaddy added simplified website creation for domains customers through improved guidance on template selection, making it easier for them to start building an online presence, driving higher publish rates.
  • Buy Buttons enabled for all Websites + Marketing plans, including free plans, making it easier for nascent businesses, side-hustles, and the like to get started with GoDaddy’s Commerce offerings.
  • GoDaddy launched free SSL in all new Web Hosting plans including in key developed countries for GoDaddy Web Hosting customers and their customers resulting in increased term lengths and modest improvements in new units and bookings in the company’s hosting business.
  • GoDaddy appointed Brian Sharples to Chair of its Board of Directors, effective September 30, 2022. Brian has served on GoDaddy’s Board of Directors since 2016.

For the fourth quarter ending December 31, 2022, GoDaddy targets total revenue in the range of $1.03 billion to $1.05 billion, representing year-over-year growth of 2% at the midpoint. GoDaddy expects fourth quarter applications and commerce revenue growth in the range of 10% to 12% and flat core platform revenue growth.

For the full year ending December 31, 2022, GoDaddy expects unlevered free cash flow of approximately $1.09 billion to $1.1 billion, representing growth of 14% year-over-year, versus $960 million of unlevered free cash flow generated in 2021.

Filed Under: Domain Names

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About Bill Hartzer

Bill Hartzer is CEO of Hartzer Consulting, an SEO Consulting firm that includes services such as search engine optimization, technical SEO audits, domain name consulting, and online reputation management. As an SEO Expert, Mr. Hartzer frequently serves as an SEO Expert Witness and Domain Name Expert Witness in legal cases worldwide.

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