Paychex Q3 revenue missed estimates due to weak client spending amid higher interest rates and economic uncertainties.

Paychex, a payroll processor, missed Wall Street revenue estimates for Q3 due to weak client spending on its services. This is attributed to higher-for-longer interest rates and economic uncertainties causing clients to cut their spending budgets. Paychex reported revenue of $1.44B, down from analysts' estimates of $1.46B. The company's shares dropped nearly 4% following the announcement.

April 02, 2024
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