10:21 AM EDT, 10/25/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and first paragraph.)

TriNet Group ( TNET ) shares fell more than 17% in recent Friday trading after the company posted lower Q3 adjusted net income and cut its 2024 adjusted net income guidance.

The company reported Q3 adjusted net income Friday of $1.17 per diluted share, down from $1.91 a year earlier.

Analysts polled by Capital IQ expected $1.32.

Total revenue for the quarter ended Sept. 30 was $1.24 billion, up from $1.22 billion a year earlier.

No comparable Capital IQ estimate was available.

For Q4, the company said it expects adjusted net income of $0.06 to $0.57 per diluted share. Analysts polled by Capital IQ expect $1.16. Revenue growth is anticipated to range from a 1% decline to a 2% growth.

For full-year 2024, TriNet ( TNET ) said it now expects adjusted net income of $4.95 to $5.45 per diluted share, down from $5.25 to $6.80 previously. Analysts surveyed by Capital IQ expect $6.05. Revenue is now expected to grow 1% to 2%, compared with the prior range of 1% decline to 4% growth.

Price: 77.29, Change: -14.34, Percent Change: -15.65