Verifone Shares Decline After Outlook Disappoints

Verifone Systems Inc. shares declined late Tuesday after the company's outlook fell below Wall Street estimates. Shares of Verifone fell 4% to $31.87 on moderate volume. Verifone said it expects fiscal second-quarter earnings of 41 cents to 42 cents a share on revenue of $485 million to $489 million. Analysts surveyed by FactSet estimate 45 cents a share on revenue of $506 million. Verifone reported adjusted first-quarter earnings of 44 cents a share on revenue of $486 million. Analysts had expected 41 cents a share on revenue of $483.7 million.