According to a recent report, GoDaddy (NYSE: GDDY) remains an undefeated leader in the web-hosting business by managing more than 44.18 million websites globally. Cloudflare comes a distant second with 12.32 million websites. GoDaddy recently announced its near-term financial plans and listed the areas of focus that will help it attain its goals.

GoDaddy’s Financials

GoDaddy’s Q1 revenues grew 11.5% to $1.003 billion, ahead of the market’s forecast by 1.45%. Total bookings improved 7.2% to $1.156 billion. Non GAAP EPS was $0.416 per share, which was worse than the market’s estimates of an EPS of $0.42.

By segment, revenues from the Applications and Commerce segment grew 15.7% to $303.1 million. Core Platform revenues improved 10% to $699.6 million.

For the second quarter, GoDaddy forecast revenues of $1.01-$1.02 billion, compared with the market’s estimates of $1.02 billion. For the year, it expects revenues of $4.14-$4.16 billion, compared with the market’s forecast of $4.15 billion.

GoDaddy’s Product Expansion

GoDaddy recently released its near-term growth plan. For the next three years, GoDaddy is planning for a top-line revenue growth rate of 10% or greater, which includes estimated revenue of more than $10 billion from existing customers. It is targeting an EBITDA range of 24% – 26%, $3.8 billion in cumulative unlevered free cash flow, and a $3 billion share buyback target. To achieve these objectives, it laid out three key strategic priorities for growth: first, driving commerce through presence, second, delivering for GoDaddy Pros, and third, innovating in domains.

On the first priority, it continues to deliver several product launches. It recently launched a new higher-tier commerce plus plan that includes customer value in the form of simplified taxes, unlimited product listings, and higher limits on many features. Early marketplace signals suggest good market feedback on the tier plan.

For GoDaddy Pros, its focus continues to be to create best-in-class presence and commerce offerings and tooling for Managed WordPress. During the quarter, it continued to add more users to the hub, and it is working to increase rates of engagement. The recent integration of Page league continues at a good pace, and upcoming releases include a commerce offering and a new onboarding flow for Managed WordPress. Finally, it is working on releasing new products in domains that will drive market adoption. One such product is Payable Domains, a project for which the company has not shared much detail, but believes that it will be a game changer for the industry. It has started to test payable domains with a small percentage of customers in the U.S and has found the recent reports encouraging.

GoDaddy estimates its total addressable market opportunity to be over $126 billion and the continued innovation to release new products will help capture a bigger pie of this growing market. GoDaddy may have defined focus areas to grab a bigger share of this market opportunity, but it is not going to be an easy task. It faces competition across its major markets. For instance, within domain registration and web-hosting services, players like WP Engine, Donuts, United Internet, and Namecheap provide similar services. Shopify, Squarespace, and Wix are big competitors in the website creation and management space. Shopify, Square, BigCommerce, Stripe, and PayPal also provide significant commerce capabilities. But GoDaddy believes that providing significant product capabilities, which meet its customer requirements, with a secure, reliable, and integrated technology platform will help it address this competition.

GoDaddy’s stock is trading at $70.74 with a market capitalization of $11.5 billion. It touched a 52-week high of $90.43 in June last year and a 52-week low of $65.70 in November last year.