VeriFone Systems secure electronic payment solutions announced for the three months ended April 30, 2014 net revenue of $467 million, up 9% from the year ago figure of $430 million. The second quarter financial results exceeded Verifone guidance. This comes as VeriFone approved restructuring plans in order to support its transformation initiatives. In connection with these restructuring plans, the company will reduce headcount by approximately 500 by calendar year end 2014.
Additionally, Verifone Upgraded 15 top U.S. retailers to MX 900 EMV-capable platform; added 17 new end-to-end encryption clients. The Company also Launched the portable VX 690, the first of several new EMV-capable devices with a new consumer design methodology, service businesses achieved non-GAAP net revenues of $176 million and increased at-the-pump marketing network to nearly 4,800 gas pumps across the U.S.
