Paycom Software Stock Tanks After-Hours Fueled By Weak Outlook: Details
Portfolio Pulse from Ryan Gustafson
Paycom Software, Inc. (NYSE:PAYC) shares dropped in after-hours trading following worse-than-expected Q3 sales results and lower-than-expected Q4 and full-year 2023 revenue guidance. Despite beating earnings estimates, the company's sales of $406.30 million missed the consensus estimate of $411.18 million. The company's Q4 revenue guidance is anticipated to be between $420 million and $425 million, well below the $452.27 million estimate. Full-year 2023 revenue is estimated to be between $1.679 billion and $1.684 billion, versus the estimate of $1.72 billion.
October 31, 2023 | 8:48 pm
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Paycom Software's stock price dropped due to worse-than-expected Q3 sales and weak Q4 and full-year 2023 revenue guidance.
Paycom Software's stock price dropped significantly in after-hours trading due to its Q3 sales missing analyst estimates and its Q4 and full-year 2023 revenue guidance being lower than expected. This indicates a negative short-term impact on the company's stock price.
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