Online payroll and HR software provider Asure (NASDAQ:) will report results after the bell tomorrow. Here’s what investors need to know.
Asure beat analysts’ revenue expectations last quarter, reporting revenue of $26.26 million, down 10.3% year over year. It was a weaker quarter for the company, with management forecast slower growth and lower gross margins.
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Analysts expect Asure’s revenue to decline 6.1% year over year to $31.04 million this quarter, a reversal from the 35.9% growth recorded in the same quarter last year. Adjusted earnings are expected to be $0.20 per share.
Most analysts covering the company have reaffirmed their estimates over the past 30 days, suggesting they expect the business to continue on its earnings path. Asure has missed Wall Street earnings estimates only once in the past two years, beating revenue expectations by an average of 9.1%.
Among Asure’s financial and HR software competitors, only Paychex (NASDAQ:) reported results. The company’s revenue missed analysts’ forecasts by 1.2%, delivering year-over-year sales growth of 4.2%. Shares fell 1.1% at the close.
Read the full analysis of Paychex results on StockStory. Inflation concerns have weighed on growth stocks, and while some financial services and HR software stocks have performed slightly better, they have not been spared, with share prices down an average of 4% over the past month. Asure shares are down 2.8% over the same period and are approaching earnings, with an average analyst price target of $14.5 (versus the current share price of $7.2).
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