ADP Shares Fall 6.5% on Weak Q1

ADP's Q1 revenue fell 0.9% YoY to €1.47 bn, missing consensus by 4.7%, prompting a 6.5% share decline.
Aviation revenue rose 5% YoY to €504 m, roughly meeting estimates, but lagged behind traffic growth and tariff hikes.
Retail revenue slipped 1% YoY to €484 m, 3.4% below forecasts, with per‑passenger spend down 5.7% to €31.5.
International assets underperformed, with TAV revenue down 4.5% and AIG revenue down 15.7% amid Middle‑East conflict impacts.