Web-hosting company GoDaddy Inc (GDDY.N) forecast current-quarter revenue slightly below Wall Street estimates, sending its shares down 11 percent in after-market trading.

The company, which manages about 60 million Internet domains, or about a fifth of the world’s total, has been investing heavily to expand into new markets.

GoDaddy forecast revenue in the range of $405 million-$410 million for the third quarter ending Sept. 30.

Analysts on average were expecting revenue of $410.5 million, according to Thomson Reuters I/B/E/S.

Founded 18 years ago by Bob Parsons, GoDaddy is hardly a technology start-up, yet investors snapped up its shares when it debuted on April 1, betting the company can grow further by providing tools to small businesses.

GoDaddy, known for its racy TV commercials, has strong brand awareness and said it had 13.3 million customers at the end of the second quarter ended June 30, up 9.1 percent from a year earlier.

Over the past two years, GoDaddy has localized its offerings by countries/regions and analysts expect the company to enter other markets by the end of 2015, with China being considered a very large opportunity.

Total costs and operating expenses rose 20 percent to $428.1 million.

The net loss attributable to the company narrowed to $29.8 million from $37.6 million a year earlier.

On a per Class A share basis, loss widened to 46 cents per share from 29 cents per share due to an increase in outstanding shares.

Revenue rose 16.5 percent to $394.5 million.

Average revenue per user rose 8.6 percent to $118 at the end of the quarter.

GoDaddy’s shares closed at $29.47 on the New York Stock Exchange on Wednesday.

(Reporting by Devika Krishna Kumar in Bengaluru; Editing by Sriraj Kalluvila)

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