The pandemic has led to increased demand for web hosts and web designers as more people look to start their own small businesses online during this time of economic turmoil. This has driven GoDaddy's share price up 20,2% over the past month and its shares are currently trading at $83,50 as of this writing. While the second quarter was a very strong quarter for the web hosting company founded in 1997, website builder Wix had an even stronger second quarter in which it generated total revenue of €236 million, compared to € 1 million in the same period last year. Unlike GoDaddy, which is a web hosting company that also offers a website builder, Wix is primarily a website builder, although the company includes free web hosting with all of its plans.
Overtake GoDaddy
Earlier this year, Wix shares were trading at just over €127 per share. However, over the last six months, its shares have risen to €291,37 per share and the company now has a market capitalization of €15 billion to surpass GoDaddy's market capitalization by €14 billion. In a press release announcing the second quarter results, Wix CFO Lior Shemesh explained how the company plans to invest more in marketing to further expand its user base, saying: "Our business has seen a huge increase in demand in recent months, due to the growing importance of an online presence We added a record 9.3 million users and 346,000 net premium subscriptions to the second quarter, reflecting this strong demand and our ability to meet the needs of our users revenue growth in the near future."