VeriFone Systems Down 13.5% on Weak Q3 Guidance

VeriFone Systems

is trading lower on the session following its Q2 earnings announcement. The company reported an EPS of $0.64 vs $0.61 estimates and revenues $472M vs $471.82 million estimates. VeriFone guided Q3 EPS $0.68-0.70 vs $0.70 estimates and revenues $495-500 million vs $502.44 million. Douglas G. Bergeron, Chief Executive Officer stated: “We are very pleased with our performance, particularly the acceleration in organic growth and the increase in Hypercom-brand sales. We remain confident in our outlook for the year. VeriFone is continuing to prove that widespread incumbency combined with market-leading innovation is a winning formula for the payments marketplace.” VeriFone Systems is currently trading at $38.93, a loss of $6.07 or 13.49%.