OneSpan Inc. reported its financial results for the third quarter ended September 30, 2024, on October 30, 2024, announcing net income of $8.3 million, or $0.21 per share. This earnings per share figure surpassed the consensus estimate of $0.19 per share. The company highlighted robust subscription revenue growth as a key driver of its performance.
Despite a 4% decline in total revenue, OneSpan demonstrated improved profitability, reflecting successful execution of its strategic shift towards higher-margin software solutions. The company's focus on operational efficiency and a favorable product mix contributed to these positive financial outcomes. This indicates a continued successful transformation of its business model.
For the full year 2024, OneSpan narrowed its revenue guidance to a range of $238 million to $242 million, from the previous range of $238 million to $246 million. This adjustment reflects ongoing strategic shifts and market dynamics. The company's ability to beat analyst forecasts for EPS suggests effective management in a transitional period.
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