Shares in software group Iona Technologies dropped by nearly 20% in Dublin today despite the company's reporting a small net profit of $190,000 for the first quarter of 2004.
The company lost nearly $12m in the same period last year, and the improvement was mainly due to cost-cutting measures.
But revenue was marginally lower on the same period last year at $16.9m and well down on the $23.4m recorded in the fourth quarter of 2003.
Iona said it expected revenue for the second quarter to be between $17m and $19m, up by 5-15% on the same quarter a year earlier, with total costs of $17-18m.
The shares closed €1.35 lower at €5.70 in Dublin.
