UPDATE: VeriFone Posts Upbeat FQ3 Results, Shares Rise
Shares of VeriFone Systems (NYSE: PAY) gained about 2.5% in pre-market trading after the company reported upbeat fiscal third-quarter results and lifted its full-year revenue outlook. .
The San Jose, California-based company posted a quarterly loss of $29 million, or $0.26 per share, versus a year-ago loss of $1.9 million, or $0.02 per share. Excluding non-recurring items, the company earned $0.40 per share.
Its sales surged 14% to $476 million. However, analysts were expecting earnings of $0.35 per share on revenue of $459.93 million.
Revenue from North America surged 12.1% to $129.8 million, while revenue from the EMEA gained 6.3% to $190.2 million.
Paul Galant, Chief Executive Officer of VeriFone said, “We have now grown revenue and earnings sequentially for the last four quarters. At the same time, we have been architecting VeriFone's next chapter strategy, which will link our millions of powerful terminals and digital media screens into a commerce enablement network that helps our merchant clients acquire new consumers and increase sales with targeted offers, loyalty incentives, instant reward redemptions and other services. We are very excited about these opportunities.”
Verifone expects Q4 earnings of $0.39 to $0.40 per share on revenue of $478.0 million to $483.0 million. Analysts expected earnings of $0.42 per share on revenue of $472.0 million.
VeriFone projects full-year adjusted profit of $1.46 to $1.47 per share on revenue of $1.858 to $1.863 billion. The company had earlier expected earnings of $1.42 to $1.44 per share on revenue of $1.825 to $1.835 billion.
Verifone shares gained 2.52% to $35.41 in pre-market trading.
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