Trinet (NYSE: TNET) has recently announced a quarterly dividend of $0.25 per share of the company's common stock. The dividend has a record date and ex-dividend date of July 1, 2024, and a payout date of July 22, 2024.
In terms of financial performance, Trinet's revenue for the quarter ending on March 31, 2024, was $1.271 billion, representing an increase of 8% compared to the same period last year. The company's gross profit for the quarter was $289 million, up 6% year-over-year.
Additionally, Trinet's adjusted EBITDA for the quarter was $115 million, reflecting a 10% increase from the previous year. The company reported a net income of $41 million for the quarter, compared to $28 million in the same period last year, marking a significant 46% improvement.
Moreover, Trinet's cash and cash equivalents stood at $296 million as of March 31, 2024, showing a decrease from $314 million at the end of the previous quarter. The company's total liabilities were reported at $1.9 billion.
Trinet continues to provide small and medium-size businesses with full-service industry-specific HR solutions, including professional employer organization (PEO) and human resources information system (HRIS) services. The company's suite of products also includes services and software-based solutions to streamline workflows by connecting HR, benefits, employee engagement, payroll, and time & attendance.
With a focus on supporting entrepreneurs and adapting to the ever-changing modern workplace, Trinet aims to empower small and medium-size businesses to concentrate on growth and enable their people. The market has reacted to these announcements by moving the company's shares 0.1% to a price of $103.5. Check out the company's full 8-K submission here.
