NEW YORK (TheStreet) - Shares of Verifone Systems (PAY) were diving 14.18% to $17.25 in after-hours trading on Thursday after the company posted weaker-than-expected revenue for the 2016 fiscal third quarter and cut its full-year guidance.

After today's closing bell, the San Jose, CA-based electronic payment solutions company reported adjusted revenue of $493 million. Analysts were expecting revenue of $516 million.

Adjusted earnings of 42 cents per diluted share topped analysts' estimates of 40 cents per share.

The company also reduced its full-year earnings per share guidance to range between $1.64 and $1.65 on revenue of $2 billion, down from its prior view for earnings of $1.85 per share on revenue of $2.1 billion.

Analysts are expecting earnings of $1.85 per share on revenue of $2.1 billion for fiscal 2016.

For the fiscal fourth quarter, Verifone projects adjusted earnings per share between 28 cents and 29 cents on adjusted revenue of $460 million. Analysts are looking for earnings of 50 cents per share on revenue of $536 million for the current period.

"We are managing through what we believe are difficult but temporary local market and lingering EMV adoption issues. Our outlook for Q4 now assumes a significantly slower EMV rollout, and we are projecting fiscal year 2017 consolidated revenues to be approximately 3% below fiscal year 2016 levels, " CEO Paul Galant said in a statement.