Why Paycom Software Stock Rocketed 25.5% Higher in October

Shares of Paycom Software (NYSE: PAYC) jumped 25.5% in October, according to data from S&P Global Market Intelligence. The web-based HR and payroll management provider accelerated revenue growth in the third quarter as it continues to automate workloads for back-office functions. After collapsing earlier this summer, Paycom shares have shot up over 45% in recent months as investors get enthusiastic about the long-term software winner again.Here's why shares of Paycom Software rebounded this month.On Oct. 30 -- near the end of the month -- Paycom reported earnings for the third quarter of 2024. Revenue grew 11.2% year over year to $451.9 million, while net income was flat at $73.3 million for the period. This was a revenue growth acceleration from last quarter, when sales growth slowed down to just 9% year over year.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool