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Verifone (PAY) Stock Plummets After Q3 Results, Downgrades

NEW YORK (TheStreet) -- Shares of Verifone Systems (PAY) were falling 18.91% to $16.30 on heavy trading volume Friday morning after the company posted lower-than-expected revenue for the 2016 fiscal third quarter and cut its full-year outlook.

Following yesterday's market close, the San Jose, CA-based electronic payment solutions company reported adjusted revenue of $493 million. Analysts were looking for revenue of $516 million.

Adjusted earnings of 42 cents per...