Shares of cybersecurity technology company OneSpan Inc. (OSPN) are falling more than 14% Tuesday morning following third-quarter results. The company also proved full-year revenue, lower than the Street view.
Net loss for the third quarter was $1.7 million, or $0.04 per share compared with net income of $11.8 million, or $0.30 per share in the same quarter a year ago.
Excluding items, the company reported earnings of $0.03 per share, but that came in below the average estimate of analysts polled by Thomson Reuters at $0.05 per share.
Revenue for the quarter declined 35% year-over-year to $51.4 million.
For the full year, OneSpan expects revenue of $203 million to $207 million. The consensus estimate is for a higher revenue at $233.68 million.
OSPN is currently at 19.18, and has been trading in the range of $10.88- $33.33 in the last one year.
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