Why GoDaddy Stock Dropped Today

Shares of GoDaddy (NYSE: GDDY) have dropped today, down by 9% as of 3 p.m. EDT, after the company announced a restructuring that will impact approximately 814 employees. The broader market is also selling off amid renewed fears about the coronavirus outbreak, as cases within the U.S. continue to increase at an alarming rate.

The domain hosting tech company said that it is implementing a restructuring program due to challenges in outbound sales combined with ongoing uncertainty related to the COVID-19 pandemic. Outbound sales calls to customers are not effective in the current environment, according to GoDaddy. An estimated 814 employees will either leave the company, relocate, or transition to a different position within GoDaddy.

Image source: GoDaddy.

Source Fool.com