NEW YORK (AP) — Shares of Paychex Inc. fell before Tuesday's opening bell after disappointing revenue from the payroll and employee services provider, highlighting several analysts' concerns about the company's ability to grow amid high U.S. unemployment.
For the fiscal first quarter ended on Aug. 31, revenue rose 3 percent to $578.2 million. Analysts polled by FactSet, on average, were expecting $584.3 million. Net income, which also grew 3 percent, edged past Wall Street's expectations.
The Rochester, N.Y., company also backed its profit guidance for the year, which was in line with analyst predictions.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
