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Why Paycom Software Stock Was Soaring This Week

TheMotleyFool

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Why Paycom Software Stock Was Soaring This WeekPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, Midday, harsh overhead sunlight, directional sunlightt, photo by Marc Adamus: https://img.theapi.app/temp/012f8213-0bd1-4831-98f2-6d5fae956d6a.png

Paycom Software (NYSE: PAYC) produced a better than expected earnings report for the second quarter, sending the stock up as much as 14.4% for the week. As of 5:16 p.m. EDT on Thursday, the stock was up 14.3% in only a few trading days.

On Aug. 3, Paycom Software released its second-quarter earnings report. Revenue was up 33% to $242.1 million, with GAAP net income coming in at $52.3 million. This led Paycom's quarterly earnings per share (EPS) to hit $0.97, beating the consensus analyst estimate of $0.83. A strong EPS number is a big reason why investors bid up the stock this week.

Image source: Getty Images.

Source Fool.com

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