Software maker Iona Technologies last night warned it would report a larger-than-expected second-quarter loss on revenues that are significantly weaker than analysts' current estimate.
The company's stock lost more than a quarter of its value on the after-hours news, falling to around $3.75 on Instinet from its Nasdaq close of $5.17.
Iona, which makes software to connect different computer programs, said it sees quarterly revenues of $26 million to $26.5 million.
Such results would be down at least 49 per cent from a year earlier and far off analysts' current forecast of $40.94 million, as compiled by tracking firm Thomson First Call.
The company said it would have a pro forma loss, excluding charges, of 47 cents to 49 cents a share. Analysts' average forecast had been for a loss of 5 cents a share.
Including charges, the company said its second-quarter net loss would be between 86 cents and 88 cents a share.
The Irish-owned company, which has its US headquarters in Waltham, Massachusetts, also said it had stepped up cost-cutting efforts and would book a one-time restructuring charge of between $7.5 million and $8 million for the quarter.