Iona shares slip as preliminary results disappoint

Shares in Dublin-based technology company Iona have fallen dramatically following the announcement of its preliminary results for the second quarter of this year.

Iona said that it would report a net loss for the quarter as revenue fell.

Sales of $16.9m (€13.8m) in the first quarter led the company to declare a small profit earlier this year.

Iona's CEO, Chris Horn, blamed the results on the market being slow to take up new technologies, such as its web services product Artix.