Why Global Tech Firm ADP's Shares Are Falling Today
Portfolio Pulse from Nabaparna Bhattacharya
Automatic Data Processing, Inc.'s (NASDAQ:ADP) shares are trading lower after the company's Q1 revenues of $4.512 billion missed the analyst consensus of $4.52 billion. However, the company reported quarterly adjusted EPS of $2.08, beating the analyst consensus of $2.02. The company reiterated its FY24 revenue growth outlook of 6% to 7% and adjusted diluted EPS growth of 10% to 12%.
October 25, 2023 | 3:28 pm
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NEGATIVE IMPACT
ADP's shares are trading lower due to missed Q1 revenue expectations, despite beating EPS estimates. The company maintains its FY24 outlook.
ADP's shares are trading lower due to the company's Q1 revenues missing analyst expectations. This negative impact is somewhat offset by the company beating EPS estimates and maintaining its FY24 outlook. However, the immediate market reaction is negative, hence the score of -1.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100