It’s an ugly morning for Paycom Software shareholders.
The payroll and human resources technology company is down 37% Wednesday morning after reporting third-quarter results. The stock is the worst performer in the S&P 500 and is on pace for its worst day on record.
Paycom said on a conference call with analysts Tuesday that it expects revenue growth of 10% to 12% next year. That marks a sharp slowdown: Paycom reported third-quarter revenue of $406 million, up 22% from a year earlier.