Paycom forecasts annual revenue below estimates, veteran CFO Craig Boelte resigns
Feb 12 (Reuters) - Paycom Software (PAYC.N), opens new tab forecast full-year 2025 revenue below market estimates on Wednesday, as businesses cut back on spending for human capital management services, sending its shares down 3.3%.
Paycom has promoted Bob Foster, its executive vice president of accounting and finance, to the role of chief financial officer, effective February 21. He will succeed veteran CFO Craig Boelte.
An uncertain economic climate has led to IT budget cuts, prompting businesses to reduce spending, which has subsequently impacted demand for Paycom's HR and payroll services.
Paycom Software offers cloud-based human capital management software, designed to manage employee records and facilitate talent management processes.
Paycom forecast full-year 2025 revenue in the range of $2.02 billion to $2.04 billion, whose midpoint is below analysts' estimates of $2.05 billion, according to data compiled by LSEG.
The payroll processor reported revenue of $493.8 million for the fourth quarter ended December 31, beating analysts' average estimate of $480.8 million.
The Oklahoma City-based company's fourth-quarter adjusted profit per share stood at $2.32 compared with analysts' estimates of $1.97.
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