The slowdown in EMV continues to drag on Verifone’s performance for the first fiscal quarter, ended 1/31/17, (1Q/17). However, the Company notes this year it will launch the next generation devices and services. By scaling these new devices and connecting them with Verifone’s expanded services, the Company hopes it will establish platforms powering the future of payments and commerce.
Verifone reported 1Q/17 gross revenue of $454 million, down 9.8% YOY or down 16.5% on a currency adjusted basis (FX), compared to $464 million for 4Q/16, and $514 million for 1Q/16, according to CardData.
Net income for the first quarter sunk to a loss of $16.6 million, compared to a loss of $4.5 million in the prior quarter, and a $23.5 million profit for the year ago quarter.
North America revenue decreased 30.0%, or down 5.4% FX, YOY to $166 million for 1Q/17, compared $167 million for 4Q/16 and $236 million for 1Q/16.
Latin America revenue increased 3.6%, or 0% FX, YOY to $57 million for the first quarter, compared to $68 million for the prior quarter and $55 million for the year ago quarter.
EMEA revenue decreased 1.2%, or down 11.1% FX, YOY to $168 million for 1Q/17, compared $181 million for 4Q/16 and $170 million for 1Q/16.
Asia-Pacific revenue increased 18.9%, or 0% FX, YOY to $63 million for the first quarter, compared $48 million for the prior quarter and $53 million for the year ago quarter.
During the first quarter:
Verifone Unveiled the Sleekest, Most Advanced Multilane Payment Device Ever — the M400.
Teamed with FIS to Enable Consumers to Pay with Loyalty Points at the Retail Point-of-Sale.
Expanded International Access to Its Integrated, End-to-End Payment-as-a-Service Solution for Microsoft Dynamics 365 Customers.
Established a Strategic Partnership with Worldpay.
Verifone projects second quarter revenue to be around $470-$474 million.