GoDaddy Earnings: Bundling Initiatives and Resilient Demand Drive GoDaddy’s Growth

No-moat GoDaddy reported solid first-quarter results largely in line with FactSet consensus estimates for profitability and revenue. Demand for the company's offerings—particularly its AI-embedded solutions—remains resilient, as reflected in healthy growth in bookings. Strategic pricing and bundling initiatives continued to support top-line growth while also contributing to margin expansion. Noting that GoDaddy has minimal direct exposure to tariffs and, given the solid quarterly performance, management opted to maintain both its full-year guidance and investor day targets. Adjustments to our model were minimal, and as a result, we maintain our fair value estimate at $150 per share. GoDaddy shares fell 4% after hours, and we continue to view them as overvalued.