Shares of Anaheim-based circuit board maker Multi-Fineline Electronix fell more than 11% Thursday, a day after warning of slower sales to its biggest customer, slumping cellphone maker Motorola Inc.
M-Flex, as the company is known, warned late Wednesday that its February forecast of sequential growth was too optimistic given the slowdown at Motorola, which accounts for an estimated 70% of M-Flex’s business. The company also said the slowdown could cut into net income for the current quarter.
Analysts had expected M-Flex to post earnings of about $3.4 million on sales of $125 million.
Motorola warned earlier in the week that it would miss its sales expectations, sending most of its suppliers into a tailspin.
