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Paychex Q4 Earnings: CEO Highlights Challenges For Small And Mid-Size Businesses, Stock Slides

Payroll services company Paychex, Inc (NASDAQ:PAYX) reported mixed fiscal fourth quarter results. The company reported sales growth of 5% year over year to $1.295 billion, in-line with the analyst consensus estimate of $1.296 billion. Total revenue growth in the fiscal quarter reflected a lower contribution from the company’s Employee Retention Tax Credit (ERTC) Service than the prior year. Management Solutions revenue rose 3% year over year to $930.3 million, led by growth in the number of clients served across the human capital management (HCM) solutions suite and higher ...