126.87
price up icon0.59%   +0.91
 
loading

Why is Paychex Inc (PAYX) Stock down?

21 Dec, 2023:

Shares of Paychex Inc. (PAYX) dropped by 7.01% from $127.86 to $118.90 in the trading on Thursday, December 21, 2023. The reason why PAYX down today is due to the company's mixed second-quarter fiscal 2024 results:

  • Earnings Beat: Paychex reported adjusted earnings of $1.08 per share, surpassing the Zacks Consensus Estimate. This represented a 9.1% increase compared to the previous year.
  • Revenue Miss: While the company's total revenues reached $1.26 billion, marking a 5.7% year-over-year increase, they fell short of the consensus estimate. Service revenues, totaling $1.2 billion, also increased by 5% year over year but missed the estimate of $1.23 billion.
  • Segment Performance: Revenues from the Management Solutions segment rose by 4% year over year to $930.7 million, although they slightly missed expectations. The Professional employer organization (PEO) and Insurance Solutions segment performed well, with revenues of $295.7 million, up by 8% from the previous year and surpassing estimates.
staffing_employment_services RHI
$65.72
price up icon 0.96%
$104.06
price up icon 0.68%
staffing_employment_services NSP
$94.84
price up icon 0.25%
staffing_employment_services KFY
$68.97
price up icon 1.10%
staffing_employment_services MAN
$73.58
price up icon 1.76%
Cap:     |  Volume (24h):