Irish software company Iona Technologies today posted a third quarter pre-tax loss of $25.75 million, saying the market for its products remained weak.
The Dublin-based company reported revenues of $26.5 million, practically unchanged from the previous three months and down from $41 million last year.
It also announced a net loss of $10 million, or 31 cents per share, beating the consensus forecast of 36.3 cent due to cost cutting measures, which included the axing of 200 jobs.
Iona said it expects sequential growth in the fourth quarter resulting in revenue in the range of $29-$31 million.
"In Q3 we successfully accelerated our cost reduction program," chief financial offer Mr Dan Demmer said.
"We have made substantial progress towards achieving our goal of profitability, while maintaining our long-term growth potential," he added.
AFP