Paycom Software Lowers FY Revenue Outlook

(RTTNews) - Shares of Paycom Software Inc. (PAYC) slipped over 3% in extended trading session on Tuesday after the company lowered its full-year revenue outlook.

The company now expects full-year revenue of $1.045 billion to $1.047 billion. Previously, the company expected revenues of $1.036 billion to $1.038 billion.

Analysts' polled by Thomson Reuters currently estimate revenues of $1.03 billion for the quarter.

"We delivered very strong third quarter results, which is a reflection of the investments we've made in product innovation, sales and marketing, and providing world-class service," said Paycom's founder and CEO, Chad Richison. "Paycom's differentiated solutions and go-to-market strategy are resonating with businesses of all sizes across the country. We continue to aggressively reinvest into the business to maximize our growth opportunities."

PAYC closed Tuesday's trading at $553.23, up $6.65 or 1.22%, on the NYSE. The stock, however, slipped $18.23 or 3.30% in the after-hours trading.