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VeriFone payment system

VeriFone Falls as Quarterly Revenue Misses Estimates
Sept. 2012
VeriFone Systems Inc. (PAY) tumbled after the maker of credit-card terminals reported third-quarter sales that fell short of analysts’ estimates, citing unfavorable currency swings, competition in Europe and a fire in Brazil.
The shares of San Jose, California-based VeriFone dropped 14 percent to $30.55 at the close in New York, the biggest decline since May. The stock has fallen 14 percent this year.
Revenue in the quarter rose 54 percent from a year earlier to $489.1 million, VeriFone said yesterday in a statement. That missed the average $498.7 million estimate, according to data compiled by Bloomberg. One reason for the shortfall was a July fire that destroyed the company’s Brazilian staging-and-repair center, causing some VeriFone customers to turn to rivals. VeriFone also faced competitive pressure in France and Germany.

Ford, VeriFone, Men's Wearhouse are market movers

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