Millicom down after failing to meet 2Q estimates

Millicom shares fell $22.02, or 22.6 percent, to close at $75.48.

The company said earnings rose to $1.22 per share, up from 98 cents per share in the year-ago period. Revenue jumped 37 percent to $843 million, up from $613 million.

However, analysts polled by Thomson Financial expected, on average, income of $1.34 per share on revenue of $864 million.

Millicom provides cell phone service mostly in developing regions in Latin America, Africa and Asia that have little or no wireline infrastructure.

Also Tuesday, Millicom said it has agreed to buy Amnet Telecommunications Holding Ltd. for $510 million, giving the company a boost in Central America, its most important region with 43 percent of worldwide revenue and 38 percent of subscribers.

Amnet is a provider of broadband, cable television and fixed line services and would give Millicom a customer base for launching wireless mobile services in the region later this year.