VeriFone Systems (PAY) reported that its second-quarter net income dropped roughly 42%, to $14.5 million, from a year earlier as expenses rose.
Operating expenses for the company's fiscal-year second quarter that ended April 30 totaled $156.4 million, up more than 83%, year over year. General and administrative costs rose 152%, to $72.5 million, while research and development expenses climbed 49%, to $37.8 million. Sales and marketing costs totaled $46.1 million, up roughly 48% from a year earlier, the San Jose, Calif., company said Thursday.
International growth led to its revenue rising more than 60%, to $472 million, from a year earlier. Revenue in Europe, the Middle East and Africa rose more than 113%, to $198.9 million, while Asia saw a 115% jump in revenues to $48 million.
Revenue in Latin America increased 71%, to $96.2 million. Revenue in the U.S. and Canada totaled $128.9 million, up almost 7% from a year earlier.
The technology vendor also said Thursday that it is
