Hey wake up! This interview is not just for the employer. It's for you as well. And by asking compelling questions about them, you demonstrate your preparedness, attention-to-detail and discerning taste about where you take your next job.
First round is great to get general information (on the job, company, etc..). But always try to wait until the second round to begin asking any deeper questions than this. It can come off cocky to heavily "interview them" before they've even decided if they want to invite you back yet.
During the second or final rounds, consider asking the direct hiring manager the following types of questions.
Financials: These questions are aimed at determining company stability and should be directed to privately held smaller to medium sized companies. If you're going to ask about this topic, also make sure to frame things the right way though because it can be a sensitive subject… “I'd like to learn more about how your company has performed through the last economic cycle. Would you mind sharing the recent financial picture and projections for the company?”
Market Segment: These questions are aimed at defining what the marketplace is for this company's products and services. Who do they consider to be their biggest competitors and how do they believe they compare in terms of market share? "What's the landscape of competition for your (product/service) and where do you feel this company stands within that context?"
Technology: These questions are great for IT candidates specifically and are aimed at understanding if the company has a current technology infrastructure and uses cutting-edge tools. What are their intentions to remain competitive in the future? What up and coming projects are in the pipeline? "Tell me more about the current technical environment so I can determine what other overlap there might be with my skill set. I'd also love to learn about any up and coming projects for the same reason."
Culture: These questions are aimed at understanding the work environment. What is it like to work there? Is there high retention? Generally speaking, is there good morale amongst employees? How long has the manager themselves been working there? "So, what do you personally like most about working here and how long has it been? What types of things would be important for me to understand about your current work culture so that I can ensure I fit in and contribute value to the environment?"
Growth: These questions are aimed at understanding whether or not the company provides growth for their employees. Is there an established corporate ladder for job advancement, career planning programs, technical and/ or management training, opportunities for upward mobility? "I consider myself to be pretty ambitious and goal-oriented. What types of opportunities for growth exist here?"

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