Why Paycom Software Stock Is Crashing Today
Following a disappointing earnings report, Paycom (NYSE: PAYC) stock is getting crushed in Wednesday's trading. The company's share price was down 38.3% as of 2 p.m. ET, according to data from S&P Global Market Intelligence.
Paycom published its third-quarter results after the market closed yesterday, and it would be an understatement to say that the market is having a negative reaction to the report. The company's sales performance for the period came in below Wall Street's expectations, and the company also issued guidance for next year that is raising concerns.
Paycom posted non-GAAP (adjusted) earnings per share of $1.77 in Q3, which actually beat the average analyst estimate's target for per-share earnings of $1.61 in the period. On the other hand, revenue of $406 million missed the average-analyst target by roughly $5 million.
Source Fool.com
