VeriFone Shares Plunge as Revenue Misses Estimates

Wednesday, 05 Sep 2012 05:16 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Shares of VeriFone Systems Inc. tumbled in late trading after the maker of credit-card terminals reported third-quarter sales that fell short of analysts’s estimates.

The shares of San Jose, California-based VeriFone dropped as much as 17 percent to $29.50 after closing at $35.38 in New York. The stock had declined less than 1 percent this year.

Revenue in the quarter rose 54 percent to $489.1 million from a year earlier, VeriFone said Wednesday in a statement. That missed the average $498.7 million estimate, according to data compiled by Bloomberg.

“The revenue was a little low in the quarter, and guidance for the next quarter and the next year was lower,” said Gil Luria, an analyst at Wedbush Securities Inc., in an interview Wednesday.

Net income income increased to $37.7 million, or 34 cents a share, from $26.3 million, or 28 cents, a year earlier. Profit excluding some items was 75 cents a share, topping the average 70 cent estimate.

VeriFone forecast fourth-quarter earnings excluding certain items of 75 cents to 77 cents a share. For the fiscal year ending in October 2013, profit excluding some items will be $3.25 a share to $3.30 a share. Sales in fiscal 2013 will be $2.05 billion to $2.10 billion, less than the average $2.16 billion estimate.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved