Douglas Bergeron is the chairman and CEO of VeriFone. He says the company hit records on every line item in the financial statements last quarter. 61% growth. Sixty percent of revenue came from overseas. Gross margins and operating margins hit all-time highs.
VeriFone won the contract to add wireless payment technology in all of Philadelphia's taxis, and it is one of the competitors vying for a similar contract in New York. Add to these another win for the same contract for Mexico City, and you have several hundred thousand instances of VeriFone's system across the globe.
VeriFone also fully integrated the acquisition of its No. 3 competitor. It's just another reason Cramer is so bullish about this stock. He says the pullback because of all the craziness in the market last week makes now the perfect time to buy in.
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