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Paychex revenue rises 8% in fiscal Q1, HR services up 15%

September 30, 2015

Paychex Inc. (NASD: PAYX), a provider of payroll services and PEO services, reported revenue rose 8% to $723.0 million in its fiscal first quarter 2016 ended Aug. 31.

The company includes PEO revenue in its human resource services segment, which reported a 15% increase in first-quarter revenue to $279.7 million. Paychex reported the segment benefited from increases in clients and double-digit growth in the number of client worksite employees served.

Net income at the firm rose 22% to $209.1 million.

“We recently launched the new Paychex Flex Hiring module, which gives employers access to paperless recruiting and employee screening, along with a robust onboarding module, for a seamless flow of information and data access,” said President and CEO Martin Mucci. “We continue to provide enhancements to our integrated, SaaS product suite.”

Paychex shares rose 0.73% to $46.74 in early afternoon trading and the company had a market cap of $16.89 billion, according to Yahoo!