Verifone shares down 3% after company swings to loss
Shares of Verifone Systems Inc. fell 3% late Thursday after the payments company swung to a surprise loss in the second quarter, citing restructuring and divestiture charges. Verifone said it lost $89.3 million, or 80 cents a share, in the quarter, versus earnings of $2.9 million, or 3 cents a share, in the year-ago period. Adjusted for one-time items, Verifone earned 30 cents a share, compared with 47 cents a share a year ago. Revenue reached $474 million, down from $526 million a year ago. Analysts polled by FactSet had expected GAAP earnings of 2 cents a share and adjusted earnings of 29 cents a share on sales of $472 million. The company predicted net revenue of $1.861 billion to $1.866 billion for the full year, and a net loss of 51 cents to 53 cents a share for 2017.
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