Paycom Shares Tumble as Popularity of Its Automated System Eats Into Other Revenue Sources

Key Takeaways

  • Paycom missed profit and sales estimates, and its guidance was also short of forecasts, as customers switched to an automated payroll system that ate into other sources of revenue.
  • The company’s current quarter, full-year, and 2024 sales outlooks were all lower than expected.
  • Shares lost more than a third of their value following the report, tumbling to their lowest level since 2019.

Paycom Software (PAYC) shares cratered after the payroll and human resources services…

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