Cognyte Software Ltd. (NASDAQ:CGNT) shares closed with more than 13% loss on Monday, following the company’s Q2 results.

The company delivered a Q2 revenue beat and maintained its full 2021-year guidance, however, the Q3 outlook was weaker than expected, due to the timing of deals/model transition.

While it appears the underlying metrics and the overall backlog is healthy, the company’s lower Q3 guidance caused a major sell-off in shares yesterday as sentiment in the name is already a very mixed bag on the Street since coming out of the gates post-Verint spinoff.