Verifone shares fall after disappointing outlook
Verifone Systems Inc. shares fell in the extended session Tuesday after the payments device company's outlook fell short of Wall Street estimates. Verifone shares fell 6.2% to $17.33 after hours. The company forecast adjusted revenue of 22 cents a share on revenue of $431 million to $433 million for the fiscal first quarter, and adjusted earnings of $1.47 to $1.50 a share on revenue of $1.79 billion to $1.81 billion for the year. Analysts surveyed by FactSet had estimated earnings of 34 cents a share on revenue of $466.5 million for the first quarter, and $1.56 a share on revenue of $1.93 billion for the year. The company reported fiscal fourth-quarter net income of $3.1 million, or 3 cents a share, compared with a loss of $4.5 million, or 4 cents a share, in the year-ago period. Adjusted earnings were 44 cents a share. Revenue rose to $476.5 million from $464.4 million in the year-ago period. Analysts surveyed by FactSet had estimated 43 cents a share on revenue of $472.4 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.