Software group Iona Technologies has reported lower than expected second quarter revenues of $16.4m for the second quarter of this year.
Revenues had plunged by 40% year-on-year to $17m in the first quarter and analysts had expected a slight pick-up.
Losses were $25.4m, less than the $28.4m a year earlier. The Q1 loss included a restructuring charge of $14.8m for redundancies and other cost-cutting measures. There was also a $2.3m write-off in the value of assets.
During the quarter, there was a management reshuffle which saw the departure of Barry Morris and the return of Chris Horn as CEO.
Iona said it expected Q3 revenues to be within 10% of the last quarter's figure.
Chief financial officer Dan Demmer said the economic climate and enterprise software markets remained uncertain, but he was confident of a return to profit.
In Dublin Iona shares closed up 10 cent, or 4.4% at €2.35.
