Merchant point of sale terminal maker VeriFone reported Sept. 6 third-quarter revenue increased 21.4% over 2010, marking the fifth straight quarter in which the company enjoyed gains of 20% or more compared to the previous year.
VeriFone, based in San Jose, Calif., reported third quarter revenues at $317 million for the three-month period ending July 31, 2011, compared to $261 million reported in third quarter of 2010.
The $317 million also represents an 8.5% increase over the $292 million reported for the second quarter of 2011, the company stated.
The revenue increases fueled an uptick in profit, as VeriFone reported a gross profit of $131.6 million for the third quarter, up 37.8% from $95.5 million in 2010.
The company estimates its recent acquisition of Hypercom Corp. could contribute another $350 million to the company during fiscal year 2012.
In early August, VeriFone completed its purchase of Scottsdale, Ariz.-based Hypercom, other than its United States properties, which were sold to private equity firm Gores Group LLC to ease antitrust concerns. "With the acquisition of Hypercom, VeriFone is stronger than at any point in our 30-year history," VeriFone CEO Douglas G. Bergeron stated in a company press release. "We will continue to aggressively grow and develop innovative services and solutions in all regions of the world."
