Why Automatic Data Processing Stock Dropped Today
Shares of Automatic Data Processing (NASDAQ: ADP) fell 9.2% on Wednesday after the human resources management software and services company announced mixed quarterly results (relative to Wall Street's expectations) to kick off its new fiscal year.
For its fiscal first quarter of 2024 (ended Sept. 30, 2023), revenue grew 7% year over year to $4.51 billion, translating to an 11% increase in non-GAAP (adjusted) net income to $860 million, or $2.08 per share. Analysts, on average, were expecting lower earnings of $2.02 per share but on slightly higher revenue of $4.52 billion.
Even so, ADP CEO Maria Black insisted the company had kicked off its fiscal year "with strong financial performance and meaningful progress across our strategic priorities."
Source Fool.com
Automatic Data Processing Inc Aktie
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