Shares in Iona Technologies plummeted more than 50 per cent on Thursday after the object request broker (Orb) supplier said its first quarter figures would be below analysts? expectations.
The Dublin, Ireland based company said it anticipated revenues of between $20.8-21.5 million for the quarter ending 31 March, 1999, but that it would turn in net losses of between breakeven and $0.03 per share compared with profits of $0.10 in the same period last year.
The First Call analysts? consensus had expected Iona to show profits of $0.18 per share when it announced its earnings on 14 April. Its shares closed down $15.4375 to $14.9375 on the news.
Chris Horn, Iona?s chairman and chief executive, said: "While overall demand for our products is strong, a number of orders that we expected to close during the quarter did not close. Second, we expect to record increased expenses due to aggressive hiring in our sales and product development areas during the quarter as well as due to our new corporate branding initiative."
He attributed purchasing delays to the company?s attempted move from a volume sales model to an enterprise sell aimed at chief executives and chief information officers (see VNU Newswire, 3 February, 1999).
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