Iona’s shares plunge by 20%

Software company Iona Technologies’ shares plunged by 20% yesterday after the company said that it expected a bigger loss and lower revenue in the second quarter than analysts had projected.

The company, which is based in Dublin and has US offices in Massachusetts, said it expected a net loss of 4 cents to 6 cents per share in the second quarter on revenue of $15 million to $15.5 million.

Analysts who were polled by Reuters Estimates on average forecast a loss of 2 cents per share on revenue of $18.28 million.