Irish software group Iona has reported a second-quarter net loss of $2.3 million, or 7 cents per share.
The company said revenues for the quarter were $14 million compared with $15.2 million for the same period last year.
Iona chief executive Peter Zotto admitted the results did not meet with expectations but said the company's Artix product "achieved significant year over year revenue growth".
The company said it expected revenues for the third quarter of 2005 to be in the range of $15 million to $16 million while costs were forecast to be in the range of $16.5 million to $17.5 million.
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Shares in the company were trading at €2.15, down 10 cents on the Dublin market at lunch time today.