Paycom Software (NYSE:PAYC) stock is falling hard on Wednesday after the software-as-a-service (SaaS) company posted earnings results for the third quarter of 2023.
Results for the third quarter were mixed with the company’s earnings per share of $1.77 beating Wall Street’s $1.61 per share estimate. That was also better than the $1.27 per share reported in the same period of the year prior.
However, PAYC stock is falling alongside the company’s revenue of $406.3 million. That’s below analysts’ revenue estimate of $411.06 million for the period, even if it’s a 21.6% year-over-year (YOY) increase from $334.2 million.
Q4 Guidance Hits PAYC Stock
Another negative for investors in Paycom Software comes from its guidance for the fourth quarter of 2023. The company is expecting revenue for the quarter to range from $420 million to $425 million. At the high end, that’s still below the $452.27 million in revenue Wall Street is expecting in Q4.
This news brings with it heavy trading of PAYC stock, with some 580,000 shares changing hands. That’s already above its daily average trading volume of about 551,000 shares.
PAYC Stock is down 39.4% as of Wednesday morning.
There’s even more stock market news that traders are going to want to know about below!
We’re offering up all of the hottest stock market coverage for traders to read about on Wednesday! A few examples include why shares of Mainz Biomed (NASDAQ:MYNZ) and Cellectis (NASDAQ:CLLS) stock are on the move today, as well as a look at the biggest pre-market stock movers this morning. All of that news is available at the following links!
More Wednesday Stock Market News
- Why Is Mainz Biomed (MYNZ) Stock Moving Today?
- Why Is Cellectis (CLLS) Stock Up 175% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
