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GoDaddys restructuring to impact 814 employees

Web hosting company GoDaddyon Wednesday (Jun 24) announced a restructuring plan that will affect about 12 per cent of its total workforce, or about 814 employees, due to the fallout from the coronavirus crisis.

The world's largest domain registrar said the employees will either be let go or be moved to other roles and locations and will add about US$15 million in pre-tax charges.

GoDaddy said it has seen a dip in demand for higher-priced, do-it-for-you services such as GoDaddy Social.

The company also expects to exceed its second quarter revenue by about 1 per cent from its initial guidance of US$790 million citing high demand for its domains and websites.

GoDaddy had 7,024 employees worldwide, as of December 2019.

Source: Reuters