AsiaInfo-Linkage Shares Plunged: What You Need to Know
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What: Shares of AsiaInfo-Linkage (NAS: ASIA) plunged by as much as 23% today after the company reported third-quarter earnings last night.
So what: Third-quarter revenue added up to $117.2 million, which translated into non-GAAP earnings per share of $0.37. On average, analysts were expecting revenue of $117.1 million and $0.36 in earnings per share.
Now what: The telecommunications specialist expects fourth-quarter revenue in the range of $127 million to $131 million, while the market is forecasting roughly $129.4 million in sales to close out the year. AsiaInfo-Linkage CEO Steve Zhang said, "We are witnessing strong double digit growth in sales order bookings from our three main telecommunications customers." Investors were looking for more, as the stock is plummeting today and Roth Capital has also downgraded the stock from buy to neutral with a price target of $12.
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