Published on 1 Nov 2023 on Market Watch
Paycom’s stock plunges 32% as payroll company whiffs on earnings outlook
Paycom Software Inc. shares were set to shed nearly a third of their value, based on Tuesday’s after-hours action, as the company, which makes payroll and human-resources software, came up short with its outlook.
The company expects $420 million to $425 million in revenue for the fourth quarter, while analysts were modeling $452 million. Paycom also anticipates adjusted earnings before interest, taxes, depreciation and amortization of $169 million to $174 million for the period, while analysts had been calling for $189 million.