Verifone Shares Getting a Bump

On Thursday after the market close Verifone PAY reported a beat on both revenue and EPS estimates for the second quarter. Additionally, the company raised its guidance for 2014 on a full year basis. The street is reacting favorably in pre-market as the stock was trading up ~4 percent at last check. This gain comes despite the company issuing third quarter guidance below analyst estimates. “I'm very pleased with our second quarter financial results", said Paul Galant, Chief Executive Officer of VeriFone, "We continue to work to drive the next evolution of commerce for our clients by becoming their most trusted partner for terminals, Payment-as-a-Service and commerce enablement solutions." Below are some highlights from the earnings release Second Quarter Results

• GAAP net revenues of $466 million
• Non-GAAP net revenues of $467 million
• GAAP net loss per diluted share of $0.22
• Non-GAAP net income per diluted share of $0.37
• Operating cash flow of $57 million Guidance for the third fiscal quarter of 2014
  • Non-GAAP net revenues of $455 million to $460 million
  • Non-GAAP net income per diluted share of $0.33 to $0.34
  Guidance for the full fiscal year 2014
  • Non-GAAP net revenues of $1,825 million to $1,835 million
  • Non-GAAP net income per diluted share of $1.42 to $1.44