Paychex shares falls after $1.63 billion sales

• Paychex (NASDAQ:PAYX) shares fell 4.3% after reporting first-quarter results.
• The company reported quarterly sales of $1.63 billion and adjusted EPS of $1.34.
• Management Solutions revenue was $1.21 billion, below analyst expectations of $1.23 billion.

Paychex (NASDAQ:PAYX) shares fell 4.3% to $109.64 after the payroll services provider reported first-quarter sales of $1.63 billion.

The company’s revenue was slightly above analysts’ average estimate of $1.627 billion, according to data compiled by LSEG.

Paychex reported first-quarter adjusted earnings per share of $1.34, compared with analyst expectations of $1.32.

Following the announcement, Paychex's share price fell 4.3% to $109.64, while the stock had gained 2.1% year to date before the latest trading session.

Management Solutions revenue was $1.21 billion, below analyst estimates of $1.23 billion for the quarter.

Paychex provides payroll, human resources, and workforce management services, with its first-quarter results reflecting performance across its business operations.