Shares of the Australian technology firm Iress (ASX:IRE) experienced a significant drop, falling as much as 33.3% to A$6.660, making it their most substantial intraday percentage decline.

The stock hit its lowest point since August 17 of the previous year.

Iress (ASX:IRE) reported a half-year loss attributable of A$139.8 million, a drastic departure from the A$30.6 million profit posted the previous year.

The company also signaled the second half of the year 2023 would likely bring softened revenue growth and cost pressures, a scenario that would be tempered by the full-year effect of cost measures.

Despite these challenges, Iress' (ASX:IRE) stock had risen 4.6% this year as of the last close.

Iress is a technology company specializing in developing software for the financial services industry.