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139.76
0.06%
0.08
After Hours:
140.97
1.21
+0.87%
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Why is Paychex Inc (PAYX) Stock down?
We've noticed a 6.11% decline in Paychex Inc (PAYX) stock during the 2024-06-26 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
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.
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