Verifone's shares tumbled after the company missed quarterly earnings estimates and announced layoffs amid "difficult market dynamics." The payment technology company posted fiscal second quarter earnings for 47 cents per share, excluding items, on revenue of $532 million, compared to the 52 cents per share on $530 million in sales expected by a Thomson Reuters consensus estimate. Alongside the earnings, Verifone announced a restructuring that would slash headcounts and produce $30 million in savings by 2017.
"We are aggressively executing mitigating actions including a headcount restructuring and a review of underperforming businesses," said CEO Paul Galant, "At the same time, we remain committed to executing our strategy in a disciplined manner, and continue to make progress in bringing our next generation devices to market and launching our services platform."
Duluth sank in extended trading after the company reported lower-than-expected quarterly sales. The company, which specializes in basic apparel for work and outdoors, posted sales of $67 million in the first fiscal quarter, below the $70 million expected by a Thomson Reuters consensus estimate. Still, Duluth posted better-than-expected earnings, of 10 cents per share, versus the 7 cents expected.