- Paychex, Inc (NASDAQ:PAYX) reported first-quarter FY23 revenue growth of 11% year-on-year to $1.21 billion, beating the consensus of $1.19 billion. Total service revenue grew 11% Y/Y to $1.19 billion.
- Segments: Management Solutions revenue grew 12% Y/Y to $905.5 million. PEO and Insurance Solutions’ revenue rose 8% Y/Y to $282.8 million.
- The operating margin of 41% increased compared to the prior year period.
- Adjusted EPS of $1.03 beat the consensus of $0.97.
- Paychex held $1.3 billion in cash and equivalents.
- Outlook: Paychex reiterated FY23 revenue of $4.935 billion – $4.981 billion versus the consensus of $4.97 billion.
- Paychex raised adjusted EPS growth guidance to 11% – 12%, up from 9% – 10%.
- Price Action: PAYX shares traded higher by 2.78% at $116.46 on the last check Wednesday.
Why ACM Research Shares Are Falling Today
ACM Research shares are down despite impressive revenue and shipment growth, with preliminary figures slightly below estimates but reaffirmed full-year outlook.
