11:16 AM EDT, 04/26/2024 (MT Newswires) -- (Updates with the company's latest stock move in the headline and first paragraph.)

TriNet Group ( TNET ) shares fell more than 11% in recent Friday trading after the company reported lower-than-expected Q1 adjusted earnings and cut its full-year adjusted earnings guidance.

The company reported Q1 adjusted net income Friday of $2.16 per diluted share, down from $2.49 a year earlier.

Analysts polled by Capital IQ expected $2.41.

Revenue for the quarter ended March 31 was $1.26 billion, up from $1.25 billion a year earlier.

The company said it expects Q2 adjusted EPS of $1 to $1.50. Analysts surveyed by Capital IQ expect $1.58. The company expects revenue to range from a 1% decline to a 4% growth.

The company revised its 2024 adjusted EPS outlook to a range of between $5.25 and $6.80, from the previous guidance of $5.80 to $7.35. Analysts polled by Capital IQ expect $6.65. The company maintained its revenue outlook of a 1% decline to a 4% growth.

Price: 112.60, Change: -14.18, Percent Change: -11.18