OneSpan Shares Surge as Cybersecurity Firm Raises Annual Forecast

The company reported a third-quarter profit of $7.8 million, or 20 cents a share, marking an improvement over the $6.5 million, or 17 cents a share, recorded during the same period last year. Adjusted earnings reached 35 cents per share, comfortably surpassing the 24-cent consensus estimate from analysts polled by FactSet.

Revenue climbed 12% to $63.9 million, outperforming the anticipated $57.4 million. This growth was bolstered by a 16% increase in subscription revenue and a 9% rise in annual recurring revenue, which is now expected to land between $197 million and $201 million. While the company raised its outlook for software and services, it maintained its existing projections for hardware revenue.