Citing the completion of its acquisition of Swedish payments provider Point, VeriFone Systems Inc. posted a 40.4% increase in fiscal first quarter year-over-year earnings.
The San Jose, Calif., payment-terminal maker reported a profit of $156.6 million for the three-month period ended Jan. 31, up from $111.5 million a year earlier. Revenue totaled $419 million, up 47.7% from $283.7 million.
"We are delighted with our strong start to fiscal year 2012," VeriFone Chief Executive Douglas Bergeron said in a press release Monday. "The Point business is performing ahead of plan, and their 'payment-as-a-service' model is positioned to serve as the new North American paradigm for quickly deploying and maintaining advanced EMV [chip-card standard] software and mobile wallet software updates."
VeriFone completed its purchase of Stockholm-based Point in late December.
