News Column

VeriFone posts smaller 2Q loss

June 5, 2014

SAN JOSE, Calif. (AP) VeriFone Systems Inc., which makes debit- and credit-card payment machines for retailers and other businesses, posted a smaller loss in its fiscal second quarter as revenue increased. It also plans to cut about 500 jobs by the end of the year, or roughly 9 percent of its workforce.

The company said Thursday that it booked a loss of $23.9 million, or 22 cents per share, in the three months that ended on April 30. That compares with a loss of $58.4 million, or 54 cents per share, in the same period a year earlier.

Adjusted earnings were 37 cents per share in the latest quarter.

Revenue rose 9.4 percent to $466.4 million from $426.3 million.

Analysts, on average, were expecting adjusted earnings of 32 cents per share on revenue of $443.9 million, according to a poll by FactSet.

For the current quarter, VeriFone expects adjusted earnings of 33 cents to 34 cents per share. Analysts are forecasting earnings of 37 cents per share.

And for the full year, the San Jose, California company expects to earn $1.42 to $1.44 per share on an adjusted basis, which brackets the average analyst estimate of $1.43 per share.

Shares of Verifone rose 99 cents, or 2.9 percent, to $34.81 in after-hours trading. The stock had closed down 3 cents at $33.82.

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Source: Associated Press

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