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Yesterday, payroll specialist Paychex (NASDAQ: PAYX) reported that its third-quarter profit dropped 8%. The company saw investment losses offset gains in other areas, resulting in earnings of 36 cents per share.
A year earlier, PAYX raked in 39 cents per share. Quarterly revenue checked in at $528.6 million, 1% lower than a year ago. Analysts expected earnings of 36 cents, but revenue was forecast to total $536.9 million.
PAYX lowered its full-year sales forecast, expecting growth to come in flat to 2% lower than a year ago. The firm previously forecast growth between 2% and 4%. The payment company continues to expect net income to drop 5% to 7%.
As with many stocks, PAYX has fallen quite a bit during the past year. After trading above the $36 level in May 2008, the stock dropped and is currently battling overhead resistance from the $24 level. Last night the stock was slightly higher in post-market trading, and as of 11:00 this morning, it was up over 3% to $24.27.
As with many stocks, PAYX has fallen quite a bit during the past year. After trading above the $36 level in May 2008, the stock dropped and is currently battling overhead resistance from the $24 level. Last night the stock was slightly higher in post-market trading, and as of 11:00 this morning, it was up over 3% to $24.27.
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