VeriFone Systems electronic payment solutions announced 4Q/10 results(its fiscal 1Q/11), posting net revenues of $284 million. This compared to $276 million in the previous quarter and $223 million in the year ago period for a 27% year-over-year increase. Services revenue grew by nearly 65% year-over-year and exceeded 20% of total net revenues; non-GAAP gross margins were 41% for 1Q/11, compared to 40% in the prior quarter and 39% last year; and GAAP gross margins were 39% compared to 38% in the prior quarter and the year ago figure of 37%.
In addition to the Hypercom takeover, recent developments include VeriFone’s strategic partnership for the acquisition of Gemalto’s POS solutions business; having announced “PAYware” Mobile Enterprise secure mobile card acceptance solution and services; several important achievements for its VeriShield Total Protect end-to-end encryption solution, the de facto industry standard for protecting cardholder information and reducing risk; and its taxi card payment and digital media solution was fully approved for most taxi models by the London licensing authority. With this, VeriFone foresees net revenues in the range of $280 million to $284 million for the next quarter, along with FY11 net revenues in the range of $1,150 million to $1,160 million.