Shares of $Paycom Software (PAYC.US)$ were surging more than 23% higher just after midday Thursday, after the company reported quarterly earnings of $1.67 per share which beat the analyst consensus estimate of $1.61 by 3.73%
The company reported quarterly sales of $452.000 million which beat the analyst consensus estimate of $446.948 million by 1.13%. This is a 11.25% increase over sales of $406.303 million the same period last year.
“We posted solid third quarter results and continue to make significant progress toward full-solution automation,” said Paycom founder, CEO and chairman, Chad Richison. “We already have the most automated solution in the industry and continue to deliver even stronger ROI to our clients.”
Looking ahead, the company raised its full-year 2024 revenue guidance to between $1.866 billion and $1.873 billion, however it remained cautious for the fourth quarter, citing unpredictable bonus runs and interest rate changes as challenges.
