SAN FRANCISCO, Nov. 13, 2023 (GLOBE NEWSWIRE) — Hagens Berman encourages Paycom Software, Inc. (NYSE: PAYC) investors who have suffered significant losses to submit your losses now.
Contact a lawyer now: [email protected]
Paycom Software, Inc. (NYSE: PAYC) Research:
The investigation focuses on the accuracy of Paycom’s statements and risk information regarding the company’s core Beti platform.
On October 31, 2023, Paycom reported its Q3 2023 financial results, including disappointing Q3 revenue, and guidance for Q4 2023 and 2024 revenue that was significantly below consensus estimates. On the earnings call, Paycom CEO Craig Boelte explained that Paycom’s growth is being slowed by cannibalization, noting that customers have cut back on spending on some services and other purchases because Beti has made them immaterial.
Analysts at Jeffries reportedly stated, “‘While investors braced for soft results and guidance, PAYC shocked everyone by providing an initial 2024 outlook for 10% to 12% turnover growth'” and “‘[m]management largely attributed second-half weakness to service revenue cannibalization.'” Another analyst at BMO Capital Markets reportedly said “‘