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"This has to do with the slow adoption of your chip-and-pin card, the EMV. Retailers do not like it," Cramer said on "Squawk on the Street. " "The conference call was very bleak. They don't know when adoption is going to be … but they were ready, and I feel really badly."
The firm reported adjusted fiscal second-quarter earnings of 47 cents per share on revenue of $526 million. Analysts polled by Reuters expected the company to report earnings per share of 52 cents on revenue of $530.1 million. The company also lowered its full-year guidance and said it will reduce headcount to mitigate the damage.
"Q2 was a mixed quarter for Verifone as we grew our business, but experienced several difficult market dynamics," CEO Paul Galant said in a statement.
Verifone shares plummeted 24 percent on Wednesday. Over the past year, Verifone has lost over 42 percent.
PAY 12-month chart
Disclosure: Cramer's trust did not own Verifone stock when this story was published.