Aug 1 (Reuters) - Paycom (PAYC.N) 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 (ADP.O) 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.
It also nudged up both the bottom and top end of its full-year revenue forecast by $2 million to a range of $1.715 billion to $1.717 billion.
Paycom has in recent years benefited from rising demand for its Beti service, which allows for self-payroll and automation.
Persons:
Chad Richison, Paycom, Zaheer Kachwala, Aditya Soni, Devika
Organizations:
Refinitiv, Thomson
Locations:
Canada