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What: Shares of Zebra Technologies (NASDAQ:ZBRA) sank on Tuesday after the company reported mixed second-quarter results, beating analyst estimates for revenue but falling short on earnings. At  2 p.m. Tuesday, the stock was down about 22%.

So what: Zebra reported quarterly revenue of $889.8 million, up 208.5% year-over-year and about $4.4 million higher than the average analyst estimate. The bulk of this growth came from the company's acquisition of Motorola Solutions' Enterprise business in late 2014, which accounted for $573.4 million of revenue during the second quarter. The legacy Zebra business grew sales by 11.2% year-over-year, accounting for $320.8 million of revenue.

While Zebra grew revenue faster than analysts were expecting, the company's earnings fell short. Zebra reported non-GAAP EPS of $1.05, up 14% year-over-year but $0.13 shy of the average analyst estimate. On a GAAP basis, profitability plunged, with a per-share loss of $1.50 far worse than the $0.54-per-share gain reported during the second quarter of 2014. This decline in GAAP net income was the result of charges related to the acquisition, including a one-time restructuring charge of $49.1 million and $63.7 million of amortization of intangibles.

Now what: Zebra guided for revenue between $900 million and $930 million for the third quarter, representing year-over-year growth of 4%-7% on a constant-currency basis. Non-GAAP EPS is expected to be between $1.10 and $1.35.

With Zebra swinging to a big GAAP loss, missing non-GAAP earnings estimates, and guiding for revenue growth well below the growth rate of the legacy business during the second quarter, investors are clearly disappointed. Integrating an acquisition certainly takes time, and the market's reaction may be a bit overdone, but it's not surprising that the stock is slumping given the weak guidance.

Timothy Green has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.