IONA anticipates larger loss

IONA said that it anticipated a larger loss than expected and cut its revenue forecast following the company's preliminary first quarter results.

It now expects to report total revenues in the range of $16.5m (€15.6m) to $17m (€16m).

In January, it said that it expected revenues for the quarter to be $24m (€22.7m).

It expects a net loss per share in the range of $0.35 to $0.37 (last year the net loss was $0.23).

"The current macro economic and geopolitical uncertainties have caused our customers, particularly in the US telecoms sector, to delay and in some cases to reduce spending on IT projects," said Barry Morris, IONA's CEO.