UPDATE: VeriFone Posts 86% Drop In Q4 Profit, Issues Downbeat Q1 Forecast

VeriFone Systems (NYSE: PAY ) reported an 86% drop in its fiscal fourth-quarter profit and issued downbeat first-quarter forecast. For its first quarter, the company projects adjusted earnings of $0.70 to $0.73 per share on adjusted revenue of $490 million to $500 million. However, analysts were expecting earnings of $0.75