Namecheap posts $37 million revenue in Q1

Company’s revenue tops forecast for Q1.

Privately held domain name registrar Namecheap has reported $37 million in gross revenue for Q1 2019. This represents 21% year-over-year growth and is about $3 million more than the company forecasted.

Namecheap expects to generate $148 million in revenue for 2019. It added 235,000 customers in the first quarter.

The registrar now has about 10.5 million domains under management, up from 10.0 million in September 2018.

Namecheap CEO Richard Kirkendall told Domain Name Wire that the company is continuing to see growth in add-on products. The company is also shifting to higher-quality domains.

“That’s why the growth with domains under management is a bit slower,” he explained. “The lower priced TLDs (under a dollar) that we’ve shifted away from are cycling through as they have lower renewal rates. So, in essence, we are focusing on quality over quantity when it comes to domains and it reflects directly in our revenue numbers.”

Namecheap is the seventh largest registrar for .com and the second largest registrar for new top level domain names.