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What: AsiaInfo-Linkage (Nasdaq: ASIA) dropped as much as 25% in intraday trading today after the company issued disappointing guidance for the current quarter.

So what: The company reported second-quarter non-GAAP EPS of $0.40, up 14% year over year and a penny above the $0.39 consensus estimate. A tax rate adjustment contributed $0.25 to GAAP EPS of $0.45. Revenue grew 95% year over year, but operating income grew a mere 2%. Non-GAAP operating margin deteriorated to 26.6% from 29.9% in the year-ago quarter, mainly due to the amortization of intangible assets acquired during a merger.

Now what: The company expects its tax rate to be 15% going forward, down from 25%. That should contribute an additional 13% to earnings, but guidance was disappointing. Management said it expects non-GAAP of $0.34 to $0.37. That's below both the $0.40 figure in the year-earlier quarter and $0.41 consensus estimate.

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