United Kingdom

Paycom results beat estimates on steady demand for payroll services

(Reuters) – Paycom projected third-quarter revenue in line with market estimates on Tuesday and beat earnings expectations for the April-June period as demand for its human resource and payroll services withstood an uncertain economy.

The results follow a strong report from rival Automatic Data Processing and show a stable labour market is feeding demand for payroll services providers, even as rising interest rates and still-high inflation cloud the industry’s outlook.

Paycom forecast current-quarter revenue between $410 million and $412 million, compared with estimates of $412 million, according to analysts polled by Refinitiv.