Sanmina shares plunge 23% as CEO details closure of 3 plants, loss of big customer

The bleak outlook was driven by the loss of an important customer that decided to take operations in-house, the CEO said, as well as material shortages and late-year cancelations. The company now predicts first-quarter revenue of about $1.74 billion, compared to its previous outlook of $1.75 billion to $1.80 billion.