![[Global] Ceridian increases revenue thanks to payroll services demand](http://gpa.net/cdn/shop/articles/bigstock-Businessman-Showing-Business-G-469908645_1200x.jpg?v=1691116853)
On August 2, Ceridian slightly raised its annual revenue forecast and surpassed quarterly sales estimates, thanks to robust demand for its human resources and payroll management services, Yahoo reports.
The results follow strong earnings at competitors such as Paycom and ADP, highlighting the way a strong labour market is driving demand for payroll processors despite rising interest rates putting pressure on the economy.
Ceridian reportedly said it now expects annual revenue of $1.49 billion to $1.51 billion, compared with its previous forecast of $1.48 billion to $1.50 billion.
According to Refinitiv IBES data, Ceridian’s revenue rose 21.5 per cent to $365.9 million in the second quarter, beating estimates of $358.4 million.
The Dayforce platform, which allows businesses to manage payroll and view employee data, was a driver of much of that success.
The business brought in $268.2 million in recurring revenue in the quarter. Analysts have reportedly said that a relatively stable labour market should feed client expansion and stronger margins.
On an adjusted basis, Ceridian earned 32 cents per share, compared with expectations for 29 cents.
Source: Yahoo
On August 2, Ceridian slightly raised its annual revenue forecast and surpassed quarterly sales estimates, thanks to robust demand for its human resources and payroll management services, Yahoo reports.
The results follow strong earnings at competitors such as Paycom and ADP, highlighting the way a strong labour market is driving demand for payroll processors despite rising interest rates putting pressure on the economy.
Ceridian reportedly said it now expects annual revenue of $1.49 billion to $1.51 billion, compared with its previous forecast of $1.48 billion to $1.50 billion.
According to Refinitiv IBES data, Ceridian’s revenue rose 21.5 per cent to $365.9 million in the second quarter, beating estimates of $358.4 million.
The Dayforce platform, which allows businesses to manage payroll and view employee data, was a driver of much of that success.
The business brought in $268.2 million in recurring revenue in the quarter. Analysts have reportedly said that a relatively stable labour market should feed client expansion and stronger margins.
On an adjusted basis, Ceridian earned 32 cents per share, compared with expectations for 29 cents.
Source: Yahoo