Radisys shares plunged 32 percent Wednesday after the Hillsboro company warned it no longer has clear visibility into its own future. Its value has declined by more than two-thirds since last fall.

The collapse is due to delays in orders from Radisys' largest customers, and a new warning that the company no longer has confidence in when or if the orders will come in.

On a conference call with investment analysts late Tuesday, Radisys chief executive Brian Bronson said the issues are with Verizon, which accounted for more than a third of Radisys sales last year, and an Indian wireless company, Reliance Jio, which accounted for a third of accounts receivable.

Excess data center capacity has delayed Verizon sales until next year, Bronson said. He said sales to Reliance Jio are uncertain given a new tax in India and difficulty ascertaining the timing of future sales. Bronson said Radisys is working to expand its product lineup, which could help diversify its customer base.

Its stock, which was trading as high as $5.73 last fall, closed Wednesday at just $1.66.

One of the few publicly traded tech companies left in Oregon following a spate of industry consolidation, Radisys sells communications networking equipment and accompanying software. The company, which had 800 employees at the end of 2016, had been enjoying an upswing after years in the doldrums.

After growing revenue by 15 percent last year, to $212.4 million, though, Radisys said Tuesday it expects 2017 sales will fall by at least a third, to $140 million or less.

"While the current business environment at Verizon and Reliance present near-term challenges, the reality is that our relationship with each one of these accounts is as good as it's ever been," Bronson told investment analysts Tuesday. "Frankly put, I expect over time that each of these accounts will drive wins across all of our strategic product lines."

Tuesday's news wasn't a surprise - the company warned last month that sales to big customers had been delayed, triggering a prior decline in the stock. But the new warnings still came as a shock to investors, pushing the stock down sharply.

The crisis at Radisys comes amid a broader slowdown in Oregon tech and a series of setbacks at Hillsboro companies.

Intel laid off 784 Oregon workers last year and eliminated hundreds or thousands of additional local jobs through buyouts or early retirement packages; SolarWorld reduced its Hillsboro workforce from 800 to 300 after its German parent filed for insolvency; and SureID laid off close to 300 workers after losing a major contract with the U.S. Navy.

This article has been updated with Radisys' Wednesday closing price.

-- Mike Rogoway; twitter: @rogoway; 503-294-7699