Paychex's higher first-quarter expenses cloud profit forecast boost

Core Insights - Paychex reported higher expenses in the first quarter, which negatively impacted its stock performance, leading to a 6.2% decline in early trading [1] - Despite the increase in expenses, the company raised its annual earnings forecast, indicating a positive outlook for future performance [1] Financial Performance - The increase in expenses was significant enough to overshadow the positive adjustment in the earnings forecast [1] - The company's shares reacted negatively to the news, reflecting investor concerns over rising costs [1]