GoDaddy shares plummeted 6.17% during Thursday's intraday trading session, giving back the gains from earlier in the week.

The decline comes as the company is scheduled to report its second-quarter earnings after the market close. The stock had rallied over 5% on July 28, driven by bullish institutional expectations ahead of the report, but that rally has now retraced as investors await the actual results.

Market consensus expects Q2 revenue growth of 7.22% year-over-year, with adjusted EPS of $1.72. Analysts have noted expectations for continued margin expansion and growth in applications and commerce bookings, but investors are also watching how GoDaddy balances growth investments against margin targets.