Despite a successful opening at the New York Stock Exchange, Blake Irving, GoDaddy's CEO, said Wednesday the company still has a lot of work ahead of it.
"The market is treating us well, but that's just today. We've got to deliver quarter after quarter ... [Wednesday] is an important day, but it's just a milestone," Irving said in an interview with CNBC's "Squawk on the Street."
He made his remarks after the Web hosting company debuted at $26.15 per share, about 30 percent higher than its initial public offering price. In midday trading Wednesday, the stock was at $26.23 a share, up 31 percent. Click here to see where it is trading now.
Ahead of the IPO, some investors and analysts were skeptical as the company has yet to post a profit. "I think it's telling that it's not making money," Jim Cramer said earlier on "Squawk on the Street." "That's code for 'what the heck are they doing?'"
Nevertheless, Irving added that "if you actually look at the free cash flow we kick out … we are a great business. We pay for everything upfront and we have to amortize our cost overtime, so that always creates some gap weirdness."
With regard to the timing of the IPO, Irving said the higher demand for GoDaddy's services as well as the recent technological leaps made this the ideal time for it, as opposed to 2006. "The state of small businesses is very acute," he said. "The tools in 2006 were not there. Technology has advanced a lot since then."