Why VeriFone Systems Stocks Dipped? (PAY)

New York, NY -- (SBWIRE) -- 12/17/2012 -- VeriFone Systems Inc. ("VeriFone") (NYSE:PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.

PAY reported EPS in 0.59. For the Current Fiscal year, the company is expected to report EPS of 3.28. For the Next Quarter and Next Year, the company is expected to report EPS of 0.80 and 3.58 respectively. At Current Market Price, PAY is in distance of -4.68% from its 50-day Moving Average price of $31.0521 and -9.15% from its 200-day Moving Average price of $32.5797.

Electronic payment services provider VeriFone Systems Inc (NYSE:PAY) said fourth quarter profit tumbled 86 percent from a year-ago when the company logged a significant income tax benefit. Profit for the three months ended October 31 fell to $27 million, or 24 cents a share, from $198.8 million, or $1.84 a share, a year earlier. Excluding certain items, per share earnings stood at 76 cents. Revenue increased 18 percent to $485.4 million. Analysts were expecting VeriFone Systems Inc (NYSE:PAY) to earn 76 cents per share on revenue of $496.7 million. The gross margin for the period widened to 41.1 percent from 30.7 percent. For the current quarter, VeriFone Systems Inc (NYSE:PAY) expects adjusted earnings of 70 cents per share to 73 cents per share on revenue between $490 million to $500 million, lower than Street forecasts. VeriFone Systems Inc (NYSE:PAY) shares declined in pre-market trading.

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