It has been about a month since the last earnings report for GoDaddy (GDDY). Shares have added about 8.4% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is GoDaddy due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. GoDaddy Surpasses Q1 Earnings and Revenue EstimatesGoDaddy Inc. reported first-quarter 2020 adjusted earnings of 24 cents per share, beating the Zacks Consensus Estimate of 19 cents. Also, the bottom line was up 242.9% from the year-ago quarter.The company generated revenues of $792 million, up 11.5% year over year or 12.3% on a constant-currency basis. The reported figure surpassed the Zacks Consensus Estimate by 0.2%. The revenue growth was driven by strong performance of its product segments on a year-over-year basis. International revenues were $262.4 million in the first quarter, up 7.1% year over year or 9.1% on a constant-currency (cc) basis.Segmental RevenuesGoDaddy generates revenues from three segments — Domains, Hosting and Presence, & Business Applications.Domains: The company generated revenues of $355.9 million (accounting for 45% of total revenues) from this segment. The figure improved 11.4% from the year-ago quarter on higher average selling price.Hosting and Presence: This segment generated revenues of $297.2 million (38% of revenues), increasing 10.5% on a year-over-year basis. The revenue growth can be primarily attributed to higher subscriptions to Websites and Marketing, along with managed WordPress offerings.Business Applications: Revenues from this segment came in at $138.9 million (17% of revenues), increasing 14.3% year over year.Operating MetricsGoDaddy uses total bookings as a performance measure, since payment is usually collected at the time of sale, and recognizes revenues ratably over the term of customer contracts. In the first quarter, total bookings of $951.1 million increased 9.3% year over year or 10.1% on a cc basis.Operating ResultsGross margin was 65%, down 170 basis points from the prior-year quarter.Operating expenses (technology and development, marketing and advertising, & general and administrative) of $313.1 million increased 1.9% year over year.Balance Sheet & Cash FlowAt the end of the first quarter, total cash and cash equivalents, along with short-term investments were $851.4 million compared with $1.09 billion in fourth-quarter 2019. Accounts and other receivables were $31.6 million compared with $30.2 million in the fourth quarter.Long-term debt was $18.4 billion at the end of the first quarter, flat sequentially.Net cash provided by operating activities was $233.3 million compared with $162.2 million in the fourth quarter. Capital expenditure was $13.5 million at first quarter-end.Additionally, adjusted free cash flow was $234.5 million during the reported quarter.GuidanceFor the second quarter, management expects revenues to be $790 million, indicating year-over-year growth of 7%. Segment wise, revenue growth is expected to be in high single digits in Domains, mid single digits in Hosting and presence, and mid teens in Business Applications. How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in fresh estimates. The consensus estimate has shifted 29.57% due to these changes.VGM ScoresAt this time, GoDaddy has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. Following the exact same course, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise GoDaddy has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GoDaddy Inc. (GDDY): Free Stock Analysis Report To read this article on Zacks.com click here.