Advertisement
Singapore markets closed

  • Straits Times Index

    3,367.90
    +29.33 (+0.88%)
     

  • S&P 500

    5,475.09
    +14.61 (+0.27%)
     

  • Dow

    39,169.52
    +50.66 (+0.13%)
     

  • Nasdaq

    17,879.30
    +146.70 (+0.83%)
     

  • Bitcoin USD

    62,533.23
    -281.02 (-0.45%)
     

  • CMC Crypto 200

    1,337.19
    -7.31 (-0.54%)
     

  • FTSE 100

    8,144.35
    -22.41 (-0.27%)
     

  • Gold

    2,333.50
    -5.40 (-0.23%)
     

  • Crude Oil

    83.92
    +0.54 (+0.65%)
     

  • 10-Yr Bond

    4.4790
    +0.1360 (+3.13%)
     

  • Nikkei

    40,074.69
    +443.63 (+1.12%)
     

  • Hang Seng

    17,769.14
    +50.53 (+0.29%)
     

  • FTSE Bursa Malaysia

    1,597.96
    -0.24 (-0.02%)
     

  • Jakarta Composite Index

    7,125.14
    -14.48 (-0.20%)
     

  • PSE Index

    6,358.96
    -39.81 (-0.62%)
     

Tech firm Hostinger - European rival to GoDaddy - breaks into profit

Reuters
·1-min read

BRUSSELS (Reuters) - Lithuanian webhosting firm Hostinger, which bills itself as a European rival to U.S. market leader GoDaddy, said on Thursday it had reached profitability for the first time, as European tech startups try and catch up with bigger U.S peers.

Hostinger, founded in 2004, made earnings before interest, tax, depreciation and amortisation (EBITDA) of 2.4 million euros ($2.60 million) last year, up from an EBITDA loss of 7.1 million euros a year earlier.

Growth was driven by a 57% increase in consolidated revenues, which rose to 110.2 million euros. By comparison, GoDaddy reported this month a first-quarter net profit of $401.5 million.

Hostinger is one of several tech startups from Lithuania, such as Nord Security and Vinted, which are emerging as the European Union eyes reforms to ensure it can compete more strongly against the United States' tech giants.

($1 = 0.9225 euros)

(Reporting by Sudip Kar-Gupta; Editing by Mark Potter)