VeriFone earnings forecast lags estimates; shares fall
(Reuters) - Credit card swipe machine maker VeriFone Systems Inc (PAY.N) forecast smaller-than-expected earnings for the current quarter after reporting a lower fourth-quarter profit as a fire in its Brazilian unit hurt sales.
Shares of the company fell 7 percent to $30.81 in extended trading on Thursday.
VeriFone expects adjusted net income of between 70 cents to 73 cents per share for the first quarter ending January 31.
Analysts were expecting 75 cents, according to Thomson Reuters I/B/E/S.
Net income fell to $27 million, or 24 cents per share, for the fourth quarter ended October 31, from $198.8 million, or $1.84 per share, a year earlier.
Net revenue rose 18 percent to $485.4 million.
(Reporting By Aditya Kondalamahanty in Bangalore; Editing by Maju Samuel)
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