REDWOOD CITY, Calif. -- Verifone Inc. reported that despite a 21% increase in revenue for its third quarter, to $70.2 million, net income was down 24%, to $5.2 million.
Earnings per share fell to, 22 cents from 29 cents.
For the first nine months, revenue was up by $26.8 million, or 16%, to $190.4 million, while the net dropped $800,000, or 5%, to $15.6 million.
The leading maker of point of sale transaction systems said the. figures were in line with estimates announced Oct. 4 that prompted a decline in its stock price.
Hatim Tyabji, chairman, president, and CEO, said core financial and retail business was strong but some emerging markets -- including multilane retail stores and service stations -- have been more difficult to predict and have not met expectations.
"Increased competitive pressures in international markets and shifts in business and product mix combined to reduce gross margins overall," Mr. Tyabji said.
"We are now adjusting our sales forecasting tools to improve our ability to monitor these factors," he said.