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Automatic Data Processing Down 5% Despite Higher Q2 Results

Shares of tech company Automatic Data Processing Inc. (ADP) are down 5 percent on Wednesday's trading despite the company posting higher second quarter earnings, which also beat the Street estimates.

The company's earnings came in at $694.4 million, or $1.65 per share. This compares with $647.5 million, or $1.51 per share, in last year's second quarter.

Excluding items, Automatic Data Processing Inc. reported adjusted earnings of $696.7 million or $1.65 per share for the period. Analysts on average had expected the company to earn $1.63 per share, according to figures compiled by Thomson Reuters.

The company's revenue for the quarter rose 8.9% to $4.03 billion from $3.70 billion last year.

Currently at $205.85, the stock has traded between $162.58 and $248.76 during the past 52 weeks.

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