According to an IBIS World report, web domain name sales in the US are estimated to grow to $3.5 billion in 2021 at a CAGR of 4% over 2016-2021. Internet domain provider GoDaddy (NYSE: GDDY) recently announced its first-quarter results that were a mixed bag.

GoDaddy’s Financials

GoDaddy’s Q1 revenues grew 13.8% to $901.1 million, ahead of the market’s forecast by 1.77%. Total bookings improved 14.5% to $1.088 billion. Non-GAAP EPS was $0.06 per share, which was worse than the market’s estimates of an EPS of $0.31.

By segment, revenues from the Domain segment grew 18.8% to $422.7 million. Hosting and Presence revenues improved 4.4% to $310.3 million. Business Applications revenues grew 21% to $168.1 million.

For the second quarter, GoDaddy forecast revenues of $920 million, compared with the market’s estimates of $904.89 million. For the year 2021, it expects revenues of $3.745 billion, compared with the market’s forecast of $3.7 billion.

GoDaddy’s Product Expansion

GoDaddy continued to improve its offerings for website designers and developers. Recently, it announced the launch of its new site experience Hub by GoDaddy Pro. The product combines all the GoDaddy Pro tools and solutions into one dashboard to help members navigate between projects more easily. It provides an integrated project, site, and client management platform for GoDaddy Pro members, allowing them to easily move between projects and client sites while continuing to efficiently run their business with tools such as to-do lists and timelines.

The new service comes with several new capabilities such as bulk updates from many sites for WordPress Core, plugins, and themes. GoDaddy Pro members can also use the Hub to collaborate through account delegation and shared shopping features. GoDaddy Pro has also prioritized support ticketing directly through the Hub and it allows members to connect with the broader web designer and developer community.

GoDaddy’s Registry unit continued to expand its registry offerings. It recently announced that it was acquiring the .club and .design domain extensions along with 28 other domain extensions and certain business assets owned and operated by Minds + Machines Group Limited. GoDaddy Registry is a wholly-owned subsidiary of GoDaddy. It was recently also awarded contracts to help manage the generic domain extensions .basketball and .rugby.

GoDaddy’s stock is trading at $81.18 with a market capitalization of $13.6 billion. It touched a 52-week high of $93.75 in February and a 52-week low of $80.40 in July last year.