While the global pandemic is definitely hurting some companies, it is also helping cloud-based companies grow significantly. One such player is Paycom (PAYC) which is seeing an increase in demand for single database solutions. But while Paycom may be confident of its capabilities, global conditions are making investors look at the stock with some caution.
Paycom's Financials
Paycom's first quarter revenues grew 21% over the year to $242.37 million, ahead of the Street's forecast of $199.94 million. Net income grew from $47.28 million last year to $63.02 million. On an adjusted basis, net income