Why Shares of Insperity Tumbled Today
Shares of Insperity (NYSE: NSP) slumped on Monday after the provider of human resources outsourcing solutions reported second-quarter results that were in line with analysts' expectations. The stock was down about 22.5% at 1:55 p.m. EDT.
Insperity reported second-quarter revenue of $1.04 billion, up 13% year over year. The average number of work site employees (WSEEs) paid per month rose 14%, with 11% growth in the average number of business performance advisers driven by new client sales. While client retention was above 99%, net gains in the client base were lower than expected due to less hiring of full-time and seasonal employees.
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