(Reuters) - Dayforce, formerly Ceridian HCM Holding (NYSE:DAY), raised its full-year revenue forecast on Wednesday, helped by strong demand for its payroll services amid a resilient labor market.
A rise in U.S. jobs is driving demand for the company's human resource and payroll services, while Dayforce's investment in artificial intelligence and recent acquisition of Eloomi have helped it combat stiff competition.
U.S. jobs growth for the month of March blew past expectations as the labor market benefited from a steady rise in immigration over the past year.
Dayforce, which counts Spirit Aerosystems and Gannett among its customers, now expects full-year revenue in the range of $1.73 billion to $1.74 billion, up from its prior forecast of $1.72 billion to $1.73 billion.
Its second-quarter revenue forecast of $414 million to $419 million was, however, largely in line with analysts' estimates, according to LSEG data.
The company reported first-quarter revenue of $431.5 million, above the average analyst estimate of $426.1 million.
It posted earnings per share of 4 cents, compared with 6 cents per share a year earlier.