Palantir Technologies Inc. (NASDAQ:PLTR) today announced financial results for the first quarter ended March 31, 2025.
“Our Rule of 40 score increased to 83% in the last quarter, once again breaking the metric. We are in the middle of a tectonic shift in the adoption of our software, particularly in the U.S. where our revenue soared 55% year-over-year, while our U.S. commercial revenue expanded 71% year-over-year in the first quarter to surpass a one-billion-dollar annual run rate,” said Alexander C. Karp, co-founder and chief executive officer of Palantir Technologies. “We are delivering the operating system for the modern enterprise in the era of AI. Consequently, we are raising our full-year guidance for total revenue growth to 36% and our guidance for U.S. commercial revenue growth to 68%.”
Q1 2025 Highlights
- U.S. revenue grew 55% year-over-year and 13% quarter-over-quarter to $628 million
- U.S. commercial revenue grew 71% year-over-year and 19% quarter-over-quarter to $255 million
- U.S. government revenue grew 45% year-over-year and 9% quarter-over-quarter to $373 million
- Revenue grew 39% year-over-year and 7% quarter-over-quarter to $884 million
- Closed 139 deals of at least $1 million, 51 deals of at least $5 million, and 31 deals of at least $10 million
- Booked our highest quarter of U.S. commercial total contract value (“TCV”) of $810 million, up 183% year-over-year
- U.S. commercial remaining deal value (“RDV”) of $2.32 billion, up 127% year-over-year and 30% quarter-over-quarter
Outlook
For Q2 2025, we expect:
- Revenue of between $934 – $938 million.
- Adjusted income from operations of between $401 – $405 million.
For full year 2025:
- We are raising our revenue guidance to between $3.890 – $3.902 billion.
- We are raising our U.S. commercial revenue guidance to in excess of $1.178 billion, representing a growth rate of at least 68%.
- We are raising our adjusted income from operations guidance to between $1.711 – $1.723 billion.
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Source: https://finance.yahoo.com/news/palantir-reports-q1-2025-revenue-200500672.html
Cloud security firm Datadog raised its annual revenue forecast and beat the estimate for quarterly sales on Tuesday, thanks to growth in large customers and AI-driven workloads.
The company has benefited significantly from the increased adoption of artificial intelligence technologies, which has driven strong demand for its cloud monitoring and security platform.
On Monday, Datadog acquired Eppo, a feature flagging and experimentation platform, to expand its AI and product analytics offerings, aiming to help customers build products faster and with less risk.
“We are innovating rapidly across the Datadog platform, to help customers observe, secure, and act to solve mission-critical business problems in their modern, cloud environments,” CEO Olivier Pomel said.
Datadog’s newer products, such as App Builder and On-Call, are outperforming, and its security monitoring is seeing significant customer interest, analysts have said.
The company now expects full-year 2025 revenue to be between $3.22 billion and $3.24 billion, compared with its prior forecast of between $3.18 billion and $3.20 billion. Analysts on average expect $3.20 billion in annual revenue, according to data compiled by LSEG.
It also forecast second-quarter revenue above estimates.
Total revenue in the first quarter was up 25% from a year earlier to $761.6 million, compared with analysts’ estimate of $741.5 million.
On an adjusted basis, the company earned 46 cents per share compared with the estimate of 43 cents per share.
At the end of the first quarter, Datadog had about 3,770 customers with annual recurring revenue of $100,000 or more, an increase of 13% from a year earlier.
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Source: https://finance.yahoo.com/news/datadog-lifts-annual-revenue-forecast-124716686.html
- Q1 organic revenue growth 6%; sees rise of around 7% in Q2
- Q1 adjusted EPS $1.12 vs forecast $1.05
- Keeps FY guidance, including organic revenue growth of 7%-7.5%
- Maintains 2026 organic revenue growth target
Thomson Reuters (TRI.TO), opens new tab on Thursday confirmed 2025 financial guidance amid tariff-induced global economic turmoil that has led some companies to revise or scrap forecasts altogether.
The Toronto-based content and technology company reported quarterly revenue rising 1% to $1.9 billion, slightly below analyst expectations of $1.93 billion, according to LSEG data.
Organic revenue, which strips out the impact of currency moves, acquisitions and asset sales, rose 6%.
Chief Executive Officer Steve Hasker said businesses and government agencies were broadly more cautious about investment decisions amid the turmoil, but most of Thomson Reuters revenue was recurring in nature, often locked into multi-year contracts.
“Everyone is bracing themselves,” Hasker said in a post-results interview of the unstable economic backdrop caused in part by U.S. President Donald Trump’s tariff policies.
“But as we’ve seen with Microsoft, we haven’t seen any impact yet … We’ve made a good start to the year, meeting or exceeding our expectations,” he added, referring to Wednesday’s results from the U.S. tech giant.
Thomson Reuters is also expected to uphold its 2026 organic revenue growth target of 7.5% to 8%, Chief Financial Officer Mike Eastwood said. “Steve and I remain confident in delivering all aspects of our 2026 framework.”
At 1410 GMT, Thomson Reuters shares were up 0.8% at C$258.66 on the Toronto Stock Exchange.
The company, which owns the Westlaw legal database, Reuters news agency and the Checkpoint tax and accounting service, reported first-quarter adjusted earnings per share of $1.12. Wall Street expected a profit of $1.05 per share.
Shares of Thomson Reuters, which have risen 15% since the beginning of the year, have outpaced the S&P 500 index, which has fallen 5% over the same period.
Organic revenue for the company’s “Big 3” business segments, comprising its legal, corporates and tax and accounting businesses, rose 9% in the quarter.
Revenue at constant currencies in the legal professionals business fell 3% due to the impact of the sale of legal marketing business FindLaw. Revenue in the tax and accounting division rose 12%, boosted by the purchase of SafeSend.
Reuters News revenue fell 7% after benefiting from non-recurring generative AI licensing revenue a year ago.
Second-quarter company-wide organic revenue is expected to pick up from the first quarter and rise 7%. The company reaffirmed its forecast for full-year organic revenue to increase by 7% to 7.5%.
Thomson Reuters purchased tax automation company cPaperless, LLC, owner of SafeSend, for $600 million in cash in the first quarter.
The company has said it has $10 billion to spend on potential acquisitions through 2027.
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Lumen Technologies (LUMN.N), opens new tab topped Wall Street estimates for first-quarter revenue on Thursday, driven by strong demand for its connectivity solutions from enterprise customers amid a rapid growth in AI-intensive workloads.
The expansion of AI applications is driving enterprises to increasingly seek network infrastructure to manage the massive data flows and computational demands.
Last month,, opens new tab the company said it was partnering with Google (GOOGL.O), opens new tab to provide direct fiber access to Google cloud through Lumen’s metro-fiber.
“What we’re doing that is so fundamentally different is we’re cleaning up our network, and we’re moving to a place where that infrastructure will be very modern,” Chief Financial Officer Chris Stansbury told Reuters in an interview.
Last year, Lumen signed new contracts worth billions of dollars to provide networking and cybersecurity services to Big Tech companies.
The company has been working towards growing its digital fiber connectivity solutions while managing the challenges associated with its legacy business, which includes traditional telecom services such as voice, broadband and ethernet services.
Lumen said late last year that its consumer fiber business was a “great asset”, but “better suited in somebody’s hands that has a wireless offering.”
The fibre-optic cable provider reported revenue of $3.18 billion for the quarter ended March 31, above analysts’ estimate of $3.12 billion, according to data compiled by LSEG.
It posted an adjusted loss of 13 cents per share in the first quarter, compared with an expected loss of 27 cents.
Lumen reaffirmed its free cash flow and adjusted core profit estimates for the year.
“Things like tariffs at this point are not a huge impact to us this year and in terms of the broader economy, the reality is, most of what would impact us is actually in our control,” Stansbury said.
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Cognizant Technology Solutions (CTSH.O), opens new tab raised its annual revenue forecast and beat first-quarter results on Wednesday, driven by increased demand for AI-powered IT services.
As clients transition to cloud-based systems and automate their operations, many are turning to AI-infused services offered by companies like Cognizant. This shift has helped the firm mitigate the effects of a volatile market.
With Generative AI gaining traction, clients are increasingly integrating AI into software development cycles, streamlining operations and enhancing customer support.
Cognizant expects annual revenue in the range of $20.5 billion to $21.0 billion, compared to previous outlook of the midpoint of $20.30 billion and $20.80 billion.
Analysts had, on average, expected $20.68 billion for 2025.
“We believe our differentiated AI and platform capabilities are helping clients navigate the near-term uncertainty while embarking on longer-term AI-led transformation” said CEO Ravi Kumar S.
In March, the company’s board approved a $2 billion increase to its ongoing share repurchase plan, raising the total remaining authorization to $3.1 billion.
The New Jersey-based company’s first-quarter revenue was $5.12 billion, slightly above analysts’ average estimate of $5.11 billion.
Its adjusted profit per share in the reported quarter was $1.23, compared with the estimate of $1.20 per share.
Cognizant expects second-quarter revenue between $5.14 billion and $5.21 billion, the mid-point of which is above estimate of $5.12 billion, according to data compiled by LSEG.
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Microsoft (MSFT.O), opens new tab forecast on Wednesday stronger-than-expected quarterly growth for its cloud-computing business Azure after blowout results in the latest quarter, calming investor worries in an uncertain economy and lifting its shares 7% after hours.
Microsoft’s results, which follow similar outcomes from Google last week, could ease concerns about a potential slowdown in AI demand, after some analysts pointed to canceled data-center leases at Microsoft as a sign of excess capacity.
Investors had also been worried about the fallout from sweeping U.S. tariffs that are prompting businesses to rein in spending, but robust advertising sales at Meta Platforms suggested that is so far not happening.
The rise in Microsoft’s shares set it on course to add more than $200 billion to its value.
Microsoft said revenue at its Azure cloud division rose 33% in the third quarter ended March 31, exceeding estimates of 29.7%, according to Visible Alpha. AI contributed 16 percentage points to the growth, up from 13 points in the previous quarter.
The company also forecast cloud-computing revenue growth of 34% to 35% on a constant currency basis for the fiscal fourth quarter to between $28.75 billion and $29.05 billion, well above analyst estimates, according to data from Visible Alpha.
Commercial bookings growth – which reflects new infrastructure and software contracts signed by business customers – rose 18% in the fiscal third quarter, driven in part by a new Azure contract with ChatGPT creator OpenAI. Microsoft declined to comment on the size of the deal or what role it played in overall Azure sales growth.
However, Amy Hood, Microsoft’s chief financial officer, told investors on a conference call that the AI contribution to the cloud computing business was in line with the company’s expectations, while “the real outperformance in Azure this quarter was in our non-AI business.”
“So the only real upside we saw on the AI side of the business was that we were able to deliver supply early to a number of customers,” Hood said.
The company’s Azure results came after a number of Wall Street analysts had lowered expectations as research reports said Microsoft had ended some data center lease obligations.
CEO Satya Nadella said on a conference call that Microsoft has a long history of constantly adjusting its data center plans, but only in recent quarters had analysts started closely scrutinizing those moves.
“The numbers were skeptical going in, giving them the room to beat pretty heavy. The beat wouldn’t have been this big if we didn’t have all these problems,” said Dan Morgan, senior portfolio manager at Synovus Trust, referring to tariff uncertainty.
SPENDING RISES FOR SHORTER-LIVED ASSETS
Redmond, Washington-based Microsoft reported a profit of $3.46 per share in the quarter, topping expectations of $3.22 per share.
Revenue rose 13% to $70.1 billion, with the Intelligent Cloud unit, which houses Azure, contributing $26.8 billion.
In the third quarter, Microsoft’s capital expenditures jumped 53% to $21.4 billion, however the proportion of longer-lived asset expenditures fell to about half of the total.
Hood told investors that in the company’s fiscal 2026, which will begin in July, capital expenditures will continue to grow, but at lower growth rates than for the current year and with more of an emphasis on shorter-lived assets.
That reflected a shift in Microsoft’s spending on assets such as data center buildings toward assets such as chips, said Jonathan Neilson, Microsoft’s vice president of investor relations.
“You plug in CPUs and GPUs, and then you can start recognizing revenue,” Neilson said, referring to categories of chips made by Intel (INTC.O), opens new tab, Advanced Micro Devices (AMD.O), opens new tab and Nvidia (NVDA.O), opens new tab, among others.
Microsoft, which has repeatedly said it is capacity constrained on AI, has been pouring billions into building its AI infrastructure and expanding its data-center footprint.
A pullback in Big Tech’s AI spending would have big implications for suppliers such as chip giant Nvidia, as well as the U.S. economy. J.P. Morgan analysts estimated in January that data-center spending could contribute between 10 and 20 basis points to U.S. economic growth in 2025-2026.
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The 13 percent year over year increase comes as AWS sales shot to $25 billion in the first quarter of 2024. Amazon CEO Andy Jassy says the company’s cloud division is now at a $100 billion annual revenue run rate — a sign companies are spending more on AI.
Amazon reported its highest first-quarter profit on Tuesday as it continued to wring efficiencies out of its retail business and recharge growth in its cloud computing operations.
The company was also for the first time on track to have $100 billion in annual cloud computing sales.
The company had $143.3 billion in revenue in the first three months of the year, up 13 percent from a year earlier. Profit more than tripled, to $10.4 billion. The results beat analysts’ expectations.
“It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results,” Andy Jassy, Amazon’s chief executive, said in a statement.
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Canadian business jet manufacturer Bombardier (BBDb.TO), opens new tab reported higher first-quarter revenue on Thursday, owing to increased aircraft deliveries and growth in aftermarket services, but the company’s gains fell slightly short of investor expectations.
Its shares were down 5% in early trading.
Bombardier President and CEO Eric Martel said he sees more opportunities than dangers amid the economic uncertainty kicked off by U.S. President Donald Trump’s trade war with Canada and other nations. But the turmoil has softened new orders, he acknowledged.
The Montreal-based bizjet maker reported a 19% year-over-year rise in first-quarter revenue to $1.52 billion. Wall Street analysts had expected $1.56 billion in revenue, according to LSEG. It posted earnings per share of 61 cents, versus a consensus expectation of 66 cents.
The higher revenue was driven in part by the delivery of 23 aircraft, three more than in the same quarter last year, the company said.
Bombardier now expects to deliver more than 150 business jets this year, compared to 146 in 2024.
Economic uncertainty caused some order discussions to stall in March, Martel said during an earnings call on Thursday.
The company still expects new order activity to be slower through the first half of the year and to pick up after that, but with an annual book-to-bill rate possibly below one, resulting in lower free cash flow projections than investment analysts had hoped for.
Its business jets, which are produced in Canada, are exempt from U.S. tariffs, Martel said.
Bombardier released projections for its 2025 performance. Due to the economic and political turmoil, it had held off on issuing a forecast when it reported fourth-quarter results in February.
It now forecasts revenue exceeding $9.25 billion and between $500 million and $800 million in free cash flow, versus $8.67 billion in revenue and $232 million in free cash flow last year.
For the quarter ended March 31, adjusted profit was $68 million, up from $44 million during the first quarter last year.
Talking to investment analysts on Thursday, Bombardier Executive Vice President and Chief Financial Officer Bart Demosky said that travelled work due to engine supply chain turbulence has been a drag on its free cash flow.
The company said it sees opportunities for growth in defense and services, which have the highest profit margins among the company’s divisions. In February, it announced plans to open a new paint facility near London in 2026. It also plans to start construction of a new aftermarket services facility in Abu Dhabi later this year.
Bombardier also expects to certify and begin delivering its newest jet, the Global 8000, this year. In China, the company also is working on certifying its Global 7500 jet this year.
Some customers have indicated that being based in Canada could give the planemaker an edge over its chief American rival Gulfstream, Martel said. Speaking to reporters after the earnings call, he downplayed the significance but acknowledged, “it’s true some people think that way, and we are extremely well positioned.”
Being a Canadian company could help Bombardier land new defense work, as European countries and Canada look to become less dependent on the U.S. defense industry, he said.
Bombardier is still discussing acquiring the part of Spirit AeroSystems’ operations in Belfast, Northern Ireland, that produce fuselage sections for the planemaker, Martel said. Boeing (BA.N), opens new tab reached a deal last year to buy the majority of Spirit (SPR.N), opens new tab, and Airbus (AIR.PA), opens new tab on Monday announced an agreement to take over Spirit’s United Kingdom operations that are part of its supply chain.
If it makes more sense for Bombardier to keep Belfast as a supplier, rather than take it over, the company will do that, he said.
Reporting by Dan Catchpole in Seattle, Aatreyee Dasgupta in Bengaluru and Allison Lampert in Montreal; Editing by Pooja Desai and Nick Zieminski, Kirsten Donovan
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Instagram and Facebook parent Meta Platforms Inc. posted better-than-expected results Wednesday for the first quarter thanks to strong advertising revenue — boosted by artificial intelligence tools — on its social media platforms.
Meta’s stock climbed in extended trading after the results came out.
It was a “a good quarter for Meta, but it was before the economic turmoil really kicked in and before the seesaw of the tariffs began,” said Sonata Insights chief analyst Debra Aho Williamson. “It was also before we started to see pullbacks in ad spending from China-based advertisers like Temu and Shein.”
Going forward, she added, Meta should be able to withstand any revenue shortfall from advertisers from China if it can continue to improve its AI-driven advertising tools.
The company earned $16.64 billion, or $6.43 per share, in the January-March period, up 35% from $12.37 billion, or $4.71 per share, in the same period a year earlier.
Revenue rose 16% to $42.31 billion from $36.46 billion a year earlier.
Analysts, on average, were expecting earnings of $5.23 per share on revenue of $41.34 billion, according to a poll by FactSet.
For the current quarter, Meta forecast revenue in the range of $42.5 billion to $45.5 billion. Analysts are expecting $43.84 billion.
The Menlo Park, California-based company also raised its capital expenditures estimate for 2025 to $64 billion-$72 billion, up from its prior outlook of $60 billion-$65 billion. Meta said the new guidance “reflects additional data center investments to support our artificial intelligence efforts as well as an increase in the expected cost of infrastructure hardware.”
“We’ve had a strong start to an important year, our community continues to grow and our business is performing very well,” CEO Mark Zuckerberg said in a statement. “We’re making good progress on AI glasses and Meta AI, which now has almost 1 billion monthly actives.”
He said in a conference call with analysts that the company is in a good position to navigate the ongoing economic “uncertainty.”
Zacks Investment Research analyst Andrew Rocco said that while many companies have not been providing guidance amid tariff concerns and an uncertain economic environment, the fact that Meta did is a “bullish sign.”
Meta said more than 3.4 billion people, on average, used at least one of its apps in March. That’s up 6% from a year earlier.
On Tuesday, Meta released a standalone AI app, called Meta AI, that includes a “discover” feed that lets users see how others are interacting with AI.
Meta shares jumped $24.20, or 4.4%, to $573.20 in after-hours trading. The stock is down about 8% year-to-date.
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Source: https://finance.yahoo.com/news/meta-platforms-meta-q1-earnings-211507704.html
Grab Holdings (GRAB.O), opens new tab beat Wall Street expectations for first-quarter revenue on Tuesday, as the company benefited from strong spending on its ride-hailing and food delivery platform despite economic uncertainty.
The company reported revenue of $773 million for the first quarter, compared with estimates of $762.6 million, according to data compiled by LSEG.
Grab’s move to make its platform a “superapp” by incorporating financial services has strengthened its dominant position in Southeast Asia’s online services industry, even as economic uncertainty weighs on consumer sentiment.
U.S. President Donald Trump’s shifting trade policy has triggered worries of higher costs, a spike in inflation and the possibility of a recession ahead, sending shockwaves through the corporate world.
Singapore’s monetary authority said on Monday that the tariffs would create a "demand shock" to the country’s economy, with broader negative effects.
Grab’s financial chief, Peter Oey, told Reuters that the company is “not seeing a slowdown” in its business despite the tariff negotiations.
He added that the company’s grocery delivery segment, GrabMart grew faster than other delivery businesses during the month of Ramadan — a period where food delivery firms typically experience a shift in demand.
With competition in the online services industry heating up, companies are looking to consolidate their market share and expand operations.
Grab is reportedly seeking to secure a loan of up to $2 billion to support the acquisition of smaller Indonesian rival GoTo (GOTO.JK), opens new tab.
Oey declined to comment on rumors but emphasized the company’s commitment to the Indonesian market, which he describes as “underpenetrated.”
Revenue for the company’s deliveries segment rose 18% to $415 million in the quarter ended March 31, compared with analysts’ expectations of $396 million.
Grab reported mobility revenue of $282 million, compared with estimates of $287 million. Revenue for its financial services segment jumped 36%.
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Source: https://www.reuters.com/business/grab-holdings-beats-quarterly-revenue-estimates-2025-04-29/
– Q1 SaaS Revenue Increased 50% Year-Over-Year
– Q1 SaaS Revenue (Ex-Keap) Increased 24% Year-Over-Year
– Q1 SaaS Revenue over 60% of Total Revenue
– Q1 Record Seasoned NRR of 103%
Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the provider of Thryv®, the leading small business marketing and sales software platform, reported an increase in SaaS revenue of 50% year-over-year in the first quarter of 2025.
“Thryv started 2025 with strong positive momentum as SaaS revenue accelerated to over 60% of total revenue, underscoring the progress of our strategic transformation into a premier SMB software business,” said Joe Walsh, Thryv Chairman and CEO. “While we remain focused on acquiring and upgrading subscribers to the platform, we have been deepening relationships with our existing customers and expanding ARPU. We are leaning into cross-selling and anticipate continued growth as we enhance our product-led strategy and expand into new verticals. Looking ahead, the resilient customer demand we are experiencing is encouraging, and we are committed to driving sustainable, profitable growth as we continue to invest in our platform.”
First Quarter 2025 Highlights:
- SaaS revenue was $111.1 million, a 50% increase year-over-year
- SaaS revenue excluding Keap was $92.2 million, a 24% increase year-over-year
- Marketing Services revenue was $70.2 million, a 56% decrease year-over-year
- Consolidated total revenue was $181.4 million, a decrease of 22% year-over-year
- Consolidated net loss was $9.6 million, or $(0.22) per diluted share; compared to net income of $8.4 million, or $0.22 per diluted share, for the first quarter of 2024
- Consolidated Adjusted EBITDA was $20.9 million, representing an Adjusted EBITDA margin of 11.5%
- SaaS Adjusted EBITDA was $10.8 million, representing an Adjusted EBITDA margin of 9.7%
- Total Marketing Services Adjusted EBITDA was $10.1 million, representing an Adjusted EBITDA margin of 14.4%
- Consolidated Gross Profit was $119.3 million
- Consolidated Adjusted Gross Profit1 was $123.7 million
- SaaS Gross Profit was $78.8 million, representing a Gross Margin of 70.9%
- SaaS Adjusted Gross Profit2 was $81.5 million, representing an Adjusted Gross Margin of 73.3%
SaaS Metrics
- SaaS clients increased 59% year-over-year to 111 thousand at the end of the first quarter of 2025 SaaS clients, excluding Keap, increased 37% year-over-year to 96 thousand
- Seasoned Net Revenue Retention2 was 103% for the first quarter of 2025, an increase of 900 bps year-over-year, excluding Keap
- SaaS monthly Average Revenue per Unit (“ARPU”)3 was $335 for the first quarter of 2025
- ThryvPay total payment volume was $71 million, an increase of 13% year-over-year
Supplemental Financial Information
The following supplemental financial information provides Revenue, Net Income (Loss), Net Income (Loss) Margin, Adjusted EBITDA and Adjusted EBITDA Margin by our (i) SaaS business and (ii) Marketing Services business. Total SaaS Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Total Marketing Services Adjusted EBITDA and Adjusted EBITDA margin are also non-GAAP financial measures. These non-GAAP financial measures are presented for supplemental informational purposes only and are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.
If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. For these reasons, we caution you against relying on forward-looking statements. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. These forward-looking statements speak only as of the date hereof and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Source: https://finance.yahoo.com/news/thryv-grows-saas-revenue-first-113000831.html
Automatic Data Processing beat Wall Street expectations for third-quarter revenue on Wednesday, benefiting from strong demand for its payroll and human capital management services as businesses maintain spending amid a steady labor market.
As one of the largest human capital management companies in the world, ADP is benefiting from strong demand for its services, even as the industry undergoes consolidation to grab a larger share of the market.
ADP last year also acquired management services provider WorkForce Software to boost its heft in the market.
A resilient labor market also indicates that business activity is holding steady despite the economic volatility brought on by U.S. President Donald Trump’s trade policy.
The company also announced that its treasurer, Peter Hadley, will assume the role of chief financial officer, effective July 1. He will succeed Don McGuire, who has held the position since 2021.
ADP reported revenue of $5.55 billion in the third quarter, beating analysts’ estimate of $5.49 billion, according to data compiled by LSEG.
Revenue for its Employer Services segment came in at $3.77 billion, a growth of 5%.
It reported earnings per share of $3.06 in the quarter ended March 31, compared with a profit of $2.88 per share, a year ago.
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Source: https://finance.yahoo.com/news/nyc-lost-9-billion-income-123511851.html