VeriFone Systems up 6.4% on Stellar Q1 Earnings

VeriFone Systems

is trading higher on the session after it announced stellar earnings yesterday after the close. The company reported Q1 EPS of $0.58 vs $0.52 estimate and revenues of $425 million vs $417.49 million estimate. Douglas G. Bergeron, Chief Executive Officer of VeriFone said: “We are delighted with our strong start to fiscal year 2012. We reported record revenues and non-GAAP EPS, the highest non-GAAP operating margin in over five years and continued double-digit organic growth“The Point business is performing ahead of plan. Their ‘payment-as-a-service' model is positioned to serve as the new North American paradigm for quickly deploying and maintaining advanced EMV software and mobile wallet software updates for Visa, Isis, Google, PayPal and others.” VeriFone System is currently trading at $49.51, a gain of $2.96 or 6.36%.