Updated from July 19

Flextronics ( FLEX) boosted year-over-year revenue in its first quarter by 25% and turned last year's loss to a profit of 13 cents a share, the electronics contract manufacturer reported after the closing bell on Monday.

But guidance for the next two quarters apparently offered insufficient upside vs. expectations and the stock was being pummeled on Tuesday, recently off $1.13 or 8%, to $12.93.

Flextronics earned a profit of $74.3 million, or 13 cents a share in the June quarter, compared with a loss of $289.7 million in the same quarter last year, under generally accepted accounting principles.

Excluding restructuring and other items, the company earned $78.3 million, or 14 cents a share on sales of $3.88 billion; analysts polled by Thomson First Call were expecting a 14-cent profit on sales of $3.9 billion.

Despite concerns over the health of the cell-phone market, sales to Sony Ericsson were up 40% sequentially, accounting for 15% of Flextronics' overall revenue.

Looking to the second quarter, the company told investors to expect a pro forma profit ranging from 15 cents to 18 cents a share on sales ranging from $4.1 billion to 4.4 billion; analysts were expecting 17 cents a share on sales of $4.2 billion.

For the third, or December quarter, the company expects to earn a pro forma profit ranging from 21 cents to 24 cents a share on sales ranging from $4.4 billion to $4.7 billion; Wall Street was forecasting EPS of 17 cents on sales of $4.8 billion.

The tepid guidance surprised analysts, "given management's tone throughout the quarter -- including midquarter update and management meetings," wrote Deutsche Bank analyst Chris Whitmore, whose morning-after note was entitled "Expectations Ahead of Reality."

Whitmore trimmed his sales forecasts for the company but maintained his buy rating, saying investors can find value in Flextronics. Deutsche Bank has an investment banking relationship with Flextronics.

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