Web.com Is Down Over 22% & Hits a 52 Week Low After Earning Report

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Shares Of Web.com (WWWW) hit a 52 week low of $14.89 today after reporting its earnings which missed expectations.

The company reported a loss of $3.4 million, or 7 cents a share. Adjusted earnings came to 66 cents a share. Revenue totaled $137.4 million.

The consensus estimate called for adjusted earnings of 63 cents a share on revenue of $147.42 million.

 The company also announced the authorization of a share buyback of up to $100 million through December 31, 2016.

More than 2.4 million shares had changed hands as of 10:51 a.m., compared to the average volume of 678,903.

Shares are currently trading at $15.77 a share down over 22% from yesterday close.

Web.com has a 52 week high of $37.22 but got beaten down ever since Google announced it was going into the domain registrar business.

Web.com owns two of the top 10 domain name registrars in the world based on number of domain names under management, NetworkSolutions.com and Register.com

Web.com also own SnapNames.com

Web.com has already traded over 4.1 million shares today Vs. a three month daily average volume of 678K shares.

Kevin Murphy published a good story about Web.com earnings report earlier today over at Domainincite.com

About Michael Berkens

Michael Berkens, Esq. is the founder and Editor-in-Chief of TheDomains.com. Michael is also the co-founder of Worldwide Media Inc. which sold around 70K domain to Godaddy.com in December 2015 and now owns around 8K domain names . Michael was also one of the 5 Judges selected for the the Verisign 30th Anniversary .Com contest.