ADP Earnings: Top Line Growth From HCM Demand, New Bookings

ADP announced its results for its fiscal second quarter on Wednesday, February 3, reporting 6% annual growth in net revenues to $2.8 billion.  The trend is consistent with the 6-7% annual growth in revenues through FY’15 and Q1 FY’16, with HRS revenues driving much of the growth. ADP’s Professional Employer Organization revenues through Q2’16 were up by over 18% year-over-year to $733 million. Business bookings from the previous quarter and purchases of solutions for compliance with the...