Why Paychex Stock Fell on Tuesday
Shares of (NASDAQ: PAYX) fell as much as 7.4% on Tuesday morning but were down about 4% as of 11 a.m. ET after the payroll, benefits, and human-resources manager reported fiscal first-quarter results. The stock's slide looks to be tied to revenue merely matching the Street consensus and to a guidance update that, while constructive on earnings, kept the revenue outlook steady.
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Total revenue rose 17% year over year to about $1.54 billion, roughly in line with the Wall Street consensus. Adjusted earnings per share (EPS) came in at $1.22, slightly better than the consensus forecast for the key profitability metric.
Source Fool.com
