Paychex (NASDAQ: PAYX) has released its first-quarter earnings, reporting revenue of $1.32 billion, a 2.57% year-over-year increase, which missed estimates by $1 million. However, the company reported earnings per share (EPS) of $1.16, beating expectations by $0.02 and reflecting a 1.75% year-over-year increase. The stock closed at $132.99 prior to the earnings announcement. Analysts had predicted earnings of $1.14 per share and revenue of $1.32 billion. Paychex's solid first-quarter performance was attributed to higher client spending.