Investors drove down the price of Interactive Intelligence Inc. stock this morning after the Indianapolis software developer reported late yesterday that second-quarter profit plunged to $845,000 from $2.4 million a year earlier.
The shares traded at $8.03, down 8.2 percent.
Interactive Intelligence also reported revenue hitting a second-quarter record of $30.6 million. The company added that said it landed more customers in spite of pull-backs from existing customers due to the slowing economy.
Interactive directors approved buying as much as $10 million of the company's stock in the next year. CEO Don Brown said in a statement that the move signals confidence in the long-term futures of the company.