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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowStock in Interactive Intelligence Inc. plummeted 35 percent this morning after the Indianapolis software developer warned second quarter results would be hurt by fewer orders from existing customers.
The shares fell $3.66, to $6.80, in early trading. Interactive stock hit a recent peak of $28.52 per share in November, but has trended lower since then.
Interactive said revenue in the quarter ended June 30 would range from $30 million to $31 million, short of the $31.8 million expected by analyst surveyed by Thomson Financial.
Earning per share would be 12 to 14 cents per share, below the 17 cents anticipated by analysts.
The company said orders from new customers were stronger than in any quarter in the past two years. Still, existing customers pulled back.
“While we have more to understand about purchasing decisions during the quarter, it’s clear that the current economic environment limited expansions of existing implementations,” Interactive said.
Final results will be released July 28.
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