Paychex Reports Q2 EPS Beat, Revenues In Line
<p><a href='https://financialmodelingprep.com/financial-summary/PAYX'>Paychex (NASDAQ:PAYX)</a> reported its Q2 results, with EPS of $0.99 coming in better than the Street estimate of $0.95. Revenue was $1.19 billion, in line with Street expectations.</p>
<p>For fiscal 2023, the company expects total revenue to grow approximately 8%, Management Solutions revenue to grow in the range of 7%-8%, and PEO and Insurance Solutions revenue to grow in the range of 5%-7%.</p>
<p>According to management, the near-term outlook is somewhat cautious due to moderating employment trends and steady wage growth. However, there is still strong demand for the company's Managed Solutions and small to medium-sized businesses are continuing to rely on the company, despite macroeconomic uncertainty. </p>
<p>The company is focusing on retaining clients and increasing value and penetration in HR outsourcing, HCM software, and retirement solutions. On the other hand, there has been a decrease in demand for PEO and Insurance Solutions as employers and employees are reducing the additional coverage offered or purchased for their medical plans.</p>

NASDAQ:PAYX