Iona Technologies, the Dublin-based software firm, will shed a substantial number of jobs to reduce costs amid an almost 50 per cent slump in its revenues. The disclosure came as Iona reported poor results that show a net loss of $28.5 million (€28.23 million) for the second quarter as customers curtailed spending. Revenues in the second quarter almost halved compared to the same period in 2001. They fell to $26.3 million from $51.5 million.

Mr Barry Morris, chief executive at Iona, said yesterday the job cuts would be made "across the board" and in all geographies. "It's not a matter of a dozen or two dozen people. It will be a substantial figure," he told The Irish Times. "Over a period of a couple of quarters we have to get our expenses to a lower base."

The firm, which employs about 800 people, of which 200 work in Dublin, will take an $8 million restructuring charge in the third quarter to pay for redundancies, facilities' closures and some other cost cuts.

Shares in Iona were down 7 per cent at $2.98 in New York, as the Irish stock exchange closed last night.