A ripple effect has hit the payments technology firm Verifone. POS hardware adoption, particularly among smaller merchants, has been slower than expected affecting EMV adoption on an international scale. Verifone has been relying on EMV acceptance, but the slow uptick the payment technology’s use has forced the payments firm to announce lower than expected projections for the quarter ending this October.
Earnings for the quarter ending July 31 were down year on year and revenues had slipped. CEO of Verifone cited political and macroeconomic factors in Turkey and Latin America and the EMB upgrade cycle in the U.S. as contributing factors to the disappointing results and the adjustment in predicted earnings.
Here are the numbers:
$493 million | Revenues for the year; expected revenues were $515 million
$460 million | The newest guidance for revenues by management
14% | The amount that shares fell in after-hours trading after the announcement
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4% | The year-on year decline in revenues for the quarter ending July 31, 2016
$0.42 | Adjusted earnings per share for the quarter ending July 31; down from $0.47 the previous year
