VeriFone Systems Inc. shares tumbled as much as 35 percent after the maker of credit-card terminals forecast second-quarter profit that missed analysts’ estimates, amid weak economic conditions in Europe.

The shares plunged as low as $20.81 in extended trading, after earlier falling 3.5 percent to $31.89 at the close in New York. Earnings excluding some items will be 45 cents to 50 cents a share in the quarter ending in April, San Jose, California- based VeriFone said in a statement. Analysts on average had predicted profit of 80 cents a share, according to data compiled by Bloomberg.

Limited Time Offer

Save over $700 on your subscription. Special offer expires April 30, 2017.

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry