Verifone gets pounded after hours after guidance and Q2 miss
Verifone (NYSE: PAY) is extending Wednesday's losses into the after hours session after missing street expectations by five cents in the second quarter.
The San Jose, California-based company recorded a net loss of 54 cents per share, compared to a profit of three cents a share for last year's second quarter.
On an adjusted basis, earnings sunk 34 per cent to 42 cents per share, 22 cents less than what the company earned for the same period last year.
Revenue fell 10 per cent to $426 million in the second quarter, compared to $472 million during the same prior-year period.
Verifone, which manufacturers technology to manage payments, expects to record $400 million in sales for the current quarter, well below the mean consensus of $460.5 million.
Even more disappointing is the projected third quarter adjusted net income of 20 cents per share, which is 30 cents below consensus estimates.
In its outlook, the company also said it expects "modest sequential increases" in both adjusted revenue and earnings in the fourth quarter.
Shares had fallen 10.7 per cent to $19.60 as of 4:45 pm ET. The stock has plummetted nearly 30 per cent in the past six months.