Why Shares of OneSpan Crashed Today

Shares of OneSpan (NASDAQ: OSPN) tumbled on Wednesday after the cybersecurity solutions provider to the financial industry reported its second-quarter results. OneSpan missed analyst estimates across the board, and it pulled its guidance for 2020 due to increased uncertainty related to the pandemic. The stock was down about 38% at 12:35 p.m. EDT.

OneSpan reported second-quarter revenue of $55 million, down 2% year over year and about $2.2 million below the average analyst estimate. Recurring revenue was up 35% to $23.2 million, while annual recurring revenue jumped 29% to $90 million. This growth was offset by a decline in revenue from perpetual software licenses.

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Source Fool.com