VeriFone (PAY) Lower After Bricks Revenue

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Shares of VeriFone Systems, Inc (NYSE: PAY) are getting crushed in after-hours trading on Wednesday following the release of third quarter earnings. Revenue for the quarter missed estimates, coming in at $493 million versus the $498.34 expected. In the same quarter last year, VeriFone reported $317 million in revenue. Organic non-GAAP net revenues, which exclude net revenues from businesses acquired in the past 12 months, increased 16% from a year ago.

Third quarter EPS was 75 cents, 5 cents better than analyst estimates. In 2011 VeriFone reported EPS of 49 cents in the same quarter last year.

In the fourth quarter, VeriFone Systems sees EPS of $0.75-0.77, versus the consensus of $0.74, but again revenue proves to be a tough hurdle. The company sees revenue of $495-500 million, below the consensus of $520.15 million.

For 2012 VeriFone sees EPS of $2.73-2.75, versus the consensus of $2.66 and revenue of $1.893-1.898 billion, below the consensus of $1.92 billion.

Shares of VeriFone last traded at $32, down 9.6 percent from close.

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