Paycom stock surges 22% after Q3 earnings beat, strong Q4 guidance
wellesenterprises
Paycom Software (NYSE:PAYC) stock soared 22% in early Thursday trading after Q3 earnings and revenue beat Wall Street expectations and the company's guidance for Q4 signals another quarter of robust growth.
The cloud-based human capital management software company expects Q4 revenue of $477M-$484M, markedly higher than the $462.4M consensus estimate. Adjusted EBITDA is expected to reach $184.5M-$191.5M, above the Visible Alpha consensus of $184.2M.
Q3 non-GAAP EPS of $1.67, topping the $1.61 consensus, increased from $1.62 in Q2 and declined from $1.77 in last year's Q3.
Q3 revenue of $451.9M, vs. the average analyst estimate of $447.2, climbed from $437.5M in the previous quarter and $406.3M a year ago. Recurring revenue of $445.0M rose 3.4% Q/Q and 11.6% Y/Y.
Operating expenses of $70.8M vs. $67.5M in Q2 and $55.6M in Q3 2023.
"We posted solid third quarter results and continue to make significant progress toward full-solution automation," said Paycom (NYSE:PAYC) founder, CEO and chairman, Chad Richison.
Earlier, Paycom Non-GAAP EPS of $1.67 beats by $0.06, revenue of $451.9M beats by $4.72M
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