Why Paycom Stock Popped Today
Shares of Paycom Software (NYSE: PAYC) have popped today, up by 14% as of 1 p.m. EDT, after the company reported first-quarter earnings. The HR software specialist beat expectations for both the top and bottom lines but withdrew its 2020 guidance due to the COVID-19 pandemic.
Revenue in the first quarter increased 21% to $242.2 million, easily topping the consensus estimate of $237.9 million. That all translated into adjusted net income of $77.9 million, or $1.33 per share. Analysts were looking for just $1.26 per share in adjusted profits. Adjusted EBITDA was $117.9 million, and Paycom finished the quarter with $181.8 million in cash and cash equivalents on the balance sheet.
Image source: Paycom.
Source Fool.com
