Shares of digital video pioneers Avid Technology (AVID) are down $2.77, or 23%, at $9.25, in late trading, after the company this afternoon reportedQ2 revenue and profit that missed analysts' expectations by a wide margin, but said it was making progress in its turnaround effort, and raised its outlook for profit this year.

Revenue in the three months ended in June dropped 12%, year over year, to $109.8 million, yielding a net loss of 5 cents per share.

Analysts...