GoDaddy Inc. reported significant financial growth in its latest 10-Q filing for the third quarter of 2024, highlighting a robust increase in revenue and profitability compared to the same period in 2023. Total revenue for the three months ended September 30, 2024, reached $1,147.6 million, marking a 7.3% increase from $1,069.7 million in Q3 2023. For the nine months ended September 30, 2024, revenue totaled $3,380.6 million, up 7.2% from $3,153.8 million in the prior year.
The company's operating income for Q3 2024 was $253.8 million, a substantial increase of 51.9% from $167.1 million in Q3 2023. Net income for the same quarter rose to $190.5 million, compared to $131.0 million in the previous year, reflecting a 45.4% increase. For the nine-month period, net income surged to $738.3 million, up from $261.5 million in 2023.
GoDaddy's Applications and Commerce (A&C) segment was a key driver of this growth, with revenue for Q3 2024 reaching $423.1 million, a 16% increase from $363.3 million in Q3 2023. The Core segment also saw revenue growth, albeit at a slower pace, with Q3 2024 revenue of $724.5 million, up 2.6% from $706.4 million in the same period last year.
The company’s total assets increased to $7,997.2 million as of September 30, 2024, up from $7,564.9 million at the end of 2023. Cash and cash equivalents also saw a significant rise, reaching $767.1 million compared to $458.8 million at the end of 2023. This increase in liquidity is attributed to strong operating cash flows, which amounted to $947.2 million for the nine months ended September 30, 2024, up from $749.9 million in the same period of 2023.
Strategically, GoDaddy has been active in restructuring its operations, including a workforce reduction that affected approximately 275 employees, aimed at improving cash flows and reducing operating expenses. The company also completed a significant restructuring of its capital structure in December 2023, simplifying its organization and enhancing its financial position.
In terms of share repurchases, GoDaddy has authorized up to $4,000 million in stock buybacks, with $668.1 million spent on repurchasing shares during the nine months ended September 30, 2024. As of the end of the reporting period, $767.4 million remained available for future repurchases.
Overall, GoDaddy's financial performance in Q3 2024 reflects a strong operational execution and strategic focus on growth, particularly in its A&C segment, while also navigating restructuring efforts to enhance efficiency and profitability.
About GoDaddy Inc.
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