Last Update: 06-Sep-13 07:36 ET
Verifone shares spike 7% following better than expected earnings
VeriFone (PAY $22.30 +1.58) reported third quarter earnings of $0.24 per share, excluding non-recurring items, which is better than expected, while non-GAAP revenue fell 15.2% year/year to $418 million which is higher than expected. The company issued guidance for the fourth quarter with non-GAAP EPS of $0.25 which is line with estimates and non-GAAP revenues of $418-422 million which higher than expected. "Our revenues and earnings exceeded our guidance, cash flow exceeded our expectation, and we paid down $160 million of debt, bolstering our financial position. We are also pleased by the acquisition of ENZ, which extends to New Zealand our payment-as-a-service business model that is thriving in the Nordics under Point and launching in other geographies such as the U.S. In fact, Q3 Services revenues were up 17% from a year ago. And, with our increased investments in R&D and infrastructure, we are making good progress in bringing to market the advanced products to meet customer demand."
VeriFone (PAY $22.30 +1.58) reported third quarter earnings of $0.24 per share, excluding non-recurring items, which is better than expected, while