VeriFone Systems, Inc (NYSE:PAY) reported 4th quarter earnings Monday after the market closed. Fiscal fourth quarter results topped analyst expectations. Although guidance for the current quarter has missed due to an ongoing EMV transition as well as the announcement that EMV technology installation at the pump will be delay for at least a few years.
The payments tech firm earning $0.30 a share on revenues of $468 million beat expectations of $0.29 a share and estimated revenue of $460 million by The Street. Revenue in Latin America had counteracted the declines in the U.S.
Although the slow EMV transitions for the company is affecting revenues, share value surged thing morning from being red to currently $17.83 . Investors remain confident as PAY pushes out numbers that beat analyst expectations.