Stock Alert: OneSpan Plunge 30% On Quarterly Results

(RTTNews) - Shares of OneSpan Inc. (OSPN) are slipping over 30% on Wednesday morning after the company reported a second-quarter results that missed Wall Street estimates.

OSPN is currently trading at $21.54, down $9.66 or 30.96%, on the Nasdaq.

Net loss for the second quarter was $2.0 million or $0.05 per share, compared to $2.5 million or $0.06 per share last year. Adjusted earnings were $0.02 per share, up from $0.01 per share last year.

Revenues for the second quarter dropped 2% to $55.0 million from $56.2 million a year ago.

Analysts polled by Thomson Reuters expected earnings of $0.04 per share and revenues of $55.4 million. Analysts' estimates typically exclude one-time items.

Moving ahead, the company withdraw its previously issued full-year guidance, due to the increased uncertainty about the impact of the pandemic on the global economy.