Sign up USA
Proactive Investors - Run By Investors For Investors

Verifone gets pounded after hours after guidance and Q2 miss

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. 



Register here to be notified of future PAY Company articles
View full PAY profile

VeriFone Systems Timeline

Newswire
May 25 2012

Related Articles

Stove-with-burners.png
November 03 2016
Relationships with some of the housing industry's leading suppliers help drive sales, profit
the word wealth seen through the lens of a pair of spectacles.
May 31 2016
The company is gaining critical mass purchasing independent financial advisers and then plugging them into its discretionary fund management operation.
A gas hob
May 31 2016
The same reasoning was behind the gas industry's slowness in adopting a probe and analyser that measures the quality of gas almost instantaneously..
Copyright © Proactiveinvestors.com, 2016. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC