Payroll processor Paychex misses revenue estimates on weak client spending [Reuters]
Paychex, Inc. (PAYX)
Last paychex, inc. earnings: 3/25 08:15 am
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Source: Reuters
by sluggish client spending on its human capital management and payroll services, sending its shares down nearly 4% in early trading. The higher-for-longer interest rates and economic uncertainties have compelled clients to cut spending budgets, affecting demand for payroll services providers such as Paychex. "Small- and medium-sized businesses are dealing with a tight job market for qualified workers, reduced access to affordable growth capital and inflationary pressures," said Paychex CEO John Gibson. Peer Paycom (PAYC.N) , opens new tab also provided a somber first-quarter revenue forecast due to weak client spending on its services. Paychex reported revenue of $1.44 billion for the quarter ended Feb. 29, missing average analysts' estimate of $1.46 billion, according to LSEG data. The company's earnings per share was at $1.38, compared with $1.29 per share a year ago. Paychex forecast total revenue growth of 5% to 6% for full year 2024, below analysts' estimate of a 6.4
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News
- Elevate Honored with 2024 HR Tech Award for AI Innovations in Employee Benefits [Yahoo! Finance]Yahoo! Finance
- Paychex Declares a 10% Increase to Quarterly Cash Dividend [Yahoo! Finance]Yahoo! Finance
- Paychex Declares a 10% Increase to Quarterly Cash DividendBusiness Wire
- Hourly Earnings Growth for U.S. Small Business Workers Increases and Job Growth Slows Amid Tight Job Market [Yahoo! Finance]Yahoo! Finance
- Hourly Earnings Growth for U.S. Small Business Workers Increases and Job Growth Slows Amid Tight Job MarketBusiness Wire
PAYX
Earnings
- 4/2/24 - Beat
PAYX
Sec Filings
- 4/18/24 - Form 3
- 4/17/24 - Form 4
- 4/16/24 - Form 8-K
- PAYX's page on the SEC website