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What: Shares of Web.com (Nasdaq: WWWW ) have skyrocketed today by upwards of 28% after the company reported strong earnings results.
So what: Adjusted revenue in the first quarter more than doubled to $119.3 million, with earnings per share of $0.35. The Street was only asking for $117.2 million in sales and $0.31 per share in profit. The company added 1,600 net new subscribers, returning to positive net addition territory sooner than expected.
Now what: Those net customer additions were helped by Web.com maintaining record low attrition levels with customer churn at just 1%. CEO David Brown said the return to net additions was a major accomplishment since Register.com and Network Solutions were losing roughly 20,000 and 15,000 subscribers per quarter, respectively, before Web.com acquired them.
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