PAGE 15 of the 10-q shows that the quarterly revenue for ny-1 * ny-2 segments were 43mm. if you assume 4x for the year or 172mm then new revenue estimates should be 172mm lower with the new equity accounting. Page 19 of the 10-q shows the high and low estimate dropping by only 125mm.
possibly the other 50mm will be made up with the sale of new aapl products.
I believe the market sell off is because of the low earnings (which should be adjusted by the 45mm to account for assets sold to sprint) which would bring earnings toward .65 a share. Also it could be easy for some one to look at guidance and assume falling revenues of 125mm instead of rising by 50mm after adjustments.
management repurchased 496000 shares this past quarter. I assume that the pace continued into the 2nd quarter.
The stock may be much higher by year end and investors may put a premium on it once again when growth returns later this year. It will be much easier to grow with a smaller base with the new accounting.