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What: Shares of VeriFone Systems (NYSE:PAY) have popped today by as much as 14%, after the company reported earnings.
So what: Revenue in the fiscal first quarter came in at $430 million, which translated into non-GAAP net income per share of $0.51. Those results were mixed relative to consensus estimates, which called for $431.5 million in sales, and an adjusted profit of $0.49 per share. CEO Douglas G. Bergeron said the results fell short of expectations.
Now what: The reasons investors are optimistic, though, is because, while VeriFone has had its fair share of execution challenges recently, the company is actively prepared to do what's necessary to improve. That includes "senior management changes," and investors are cheering the idea of an executive shakeup. Full-year revenue is expected to be in the range of $1.8 billion to $1.83 billion, with non-GAAP earnings per share of $1.90 to $2.10.
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