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