Shares of VeriFone (PAY) were lower 6.88% to $18.95 during Friday morning trading after reporting first quarter earnings results that gave weaker than expected guidance.

For the second quarter, the provider of technology for electronic payments said it expects to earn 29 cents a share, below analysts' estimates of 33 cents per share. VeriFone projects second quarter revenue between $470 million and $474 million, analysts are looking for $470.5 million.

For the full year, the comapny expects to earn between $1.35 and $1.39 per share, keeping pace with the $1.37 average projected by analysts. VeriFone expects full-year revenue between $1.895 billion to $1.90 billion, slightly below analysts' consensus for $1.91 billion.

However, for its first quarter the company beat on both top and bottom line estimates. It posted earnings of 21 cents per share on revenue of $457 million. Analysts' projected earnings of 20 cents per share on revenue of $449.4 million.