What happened 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. So what 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. Image source: Getty Images. Non-GAAP (adjusted) earnings per share came in at $0.02, up from $0.01 in the prior-year period but $0.02 below analyst expectations. The company reduced its operating costs, with meaningful declines in sales and marketing spending and research and development spending, which helped prop up the bottom line. Now what "With the resurgence of the pandemic and increasing economic uncertainty, we are seeing longer sales cycles for larger complex projects and lower than expected demand for hardware authentication products," OneSpan CEO Scott Clements said in a statement. Due to the pandemic uncertainty, OneSpan withdrew its full-year guidance. Wednesday's rout has largely undone the stock's rally this year. Including the post-earnings losses, shares of OneSpan are now up just 13% year to date. 10 stocks we like better than OneSpan Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and OneSpan Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 1, 2020 Timothy Green has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source