Irish technology company Iona said it expects fourth-quarter revenue of about €12.2 million ($18m), compared to the mean estimate of three analysts polled by Thomson Financial of €15.2 ($22.3m).
The provider of infrastructure software said it also expects total expenses of about €13.9 million.
for the quarter, which includes about €1.4 million of stock-based compensation expense, amortization of purchased intangibles and a one-time facilities charge.
Iona expects the fourth-quarter ending cash balance to be about $38 million. The company plans to report fourth-quarter and full-year 2007 results on January 24th.
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At 2.45pm today, Iona shares were down almost 10 per cent at €1.95, on a day when the overall Iseq has fallen almost 2.5 per cent.