Shares in Saville Systems, which employs around 160 people in Galway, fell by as much as 28 per cent yesterday after the company told analysts that its earnings outlook was flat.

The company made the surprise forecast in a conference call with analysts late on Tuesday, one US analyst said. Saville also announced a second-quarter diluted loss of $0.22 per share yesterday compared with a profit of $0.14 in the same period last year. The company's earnings per share on an operating basis were $0.21, in line with estimates.