What happened

Shares of MobileIron (NASDAQ:MOBL) fell 25.2% in July, according to data from S&P Global Market Intelligence.

So what

The maker of mobile data security tools for enterprise-class customers reported second-quarter results on July 27, and the business update failed to impress investors. The actual results were largely in line with analyst expectations, but MobileIron's new order billings came up short.

CEO Barry Mainz took pains to reassure investors that a few large deals had simply been delayed, not canceled or otherwise lost, but shares still fell more than 13% the next day.

Several padlock icons floating in the air, and a woman is pressing one lock in solid white.

Image source: Getty Images.

Now what

Despite the sharp July correction, MobileIron shares still trade 23% higher over the last 52 weeks. Investors are flying blind in many ways, as the company's negative earnings and cash flow make it difficult to establish the true market value for MobileIron shares.

Those delayed orders underscore the lumpy nature of MobileIron's results, and a recent overhaul of the company's sales force only adds to the uncertainty, but the company has scored large contracts with government entities like the Department of Homeland Security.

If nothing else, MobileIron is one of those stocks you might want to keep an eye on until the financial picture starts to clear up.

Anders Bylund has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.