Iona to cut jobs

Iona Technologies (Nasdaq: INTC) is to cut a number of jobs in a bit to cut down on its costs.

Iona Technologies is to cut a number of jobs in a bit to cut down on its costs.

The company's CEO Barry Morris made this known yesterday, while commenting on the company's Q2 earnings.

Iona's revenue was down by more than 50 percent and it made a pro forma loss per share of 48 cents.

The company has already embarked on a cost cutting program that has seen it take a charge of almost USD 8 million. The exact number of redundancies to be made is yet unknown, but the company has indicated that it will be "across the board".

Iona employs more than 800 people, 200 of who work in its headquarters in Dublin.

According to the company's CFO Dan Demmer, "Iona has the resources and discipline required to execute on our strategy in this challenging environmet, we are implementing our plan to get Iona to a cash-flow positive position as quickly as possible, while maintaining our long-term growth potential."

The company's share price, which has almost halved in value since its July 8th profit warning is has dropped a further 8.75 percent to USD 2.92, since the results were announced.