(Reuters) – Paycom Software on Wednesday forecast second-quarter revenue below market estimates, hit by sluggish demand for payroll and human resource management solutions.
Sticky inflation and high borrowing costs have clouded the payroll processor’s outlook and hurt demand for its services.
Paycom forecast second-quarter revenue in the range of $434 million to $438 million, compared with estimates of $442.1 million, according to LSEG data.
Shares of the Oklahoma City-based company were down 6.5% in trading after the bell.
For the quarter ended March 31, Paycom posted revenue of nearly $500 million, compared with analysts’ estimates of $495.8 million.
The adjusted net income came in at $2.59 per share compared with $2.46 a year ago.
(Reporting by Juby Babu in Mexico City; Editing by Mohammed Safi Shamsi)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.