Paycom Software's Q4 Revenue Forecast Falls Short of Estimates

📆 10/31/2023 10:05 PM
📰 SaltWire Network

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Paycom Software,Q4 Revenue,Payroll Solutions

Paycom Software, a payroll processor, has predicted lower-than-expected fourth-quarter revenue due to sluggish demand for payroll solutions and human resource management. The uncertain economy, sticky inflation, and high borrowing costs have negatively impacted Paycom's outlook and hurt demand for its services.

- Payroll processor Paycom Software on Tuesday forecast fourth-quarter revenue that was below market estimates hit by sluggish demand for payroll solutions and human resource management amid an uncertain economy, sending the company's shares down 28% in extended trading.

Sticky inflation and high borrowing costs have clouded Paycom's outlook and hurt demand for the company's human resource and payroll services amid a resilient job market. The results are in sharp contrast with rival Automatic Data Processing which last week topped profit estimates on higher demand for its payroll services.

Paycom forecast current-quarter revenue in the range of $420 million to $425 million, compared with estimates of $452.3 million, according to LSEG data.It posted revenue of $406.3 million for the third quarter ended Sept. 30, missing analyst estimates of $411.2 million.

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