The U.S. labor market looks strong in spite of macroeconomic uncertainty. Nearly 2.3 million jobs were added between January and June, and unemployment has held steady at 3.6% since March. That has been a tailwind for human capital management (HCM) specialist Paycom Software (NYSE: PAYC) .
Paycom reported strong earnings after the market closed on Tuesday, beating Wall Street's expectations on the top and bottom lines. Revenue climbed 31% to $317 million, and non-GAAP (adjusted) earnings rose 30% to $1.26 per diluted share. Better yet, management raised full-year guidance, calling for revenue growth of 28% at the midpoint in 2022.
After that strong showing, is this growth stock a buy?
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Is Paycom Stock a Buy After Beating Wall Street's Expectations?