Paychex posts quarterly earnings beat as AI helps fuel services

Investing.com -- Paychex Inc (NASDAQ: PAYX) has reported better-than-anticipated earnings in its fiscal first quarter, as the payroll processor said artificial intelligence helped power its offerings to clients.

The Rochester, New York-based business, which specializes in providing human resource services to small- and medium-sized companies, posted adjusted income per share to $1.14 during the three months ended on August 31, an 11% increase compared to the same period last year. Bloomberg consensus estimates had seen the figure at $1.12. Revenue also climbed to $1.29 billion, just above expectations of $1.28B.

In a statement, Chief Executive Officer and President John Gibson said customer demand remained strong, adding "[b]y harnessing the power of Artificial Intelligence and leveraging our vast data sets, we are delivering more actionable insights."

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