Microsoft Shares Slipped 2% after Cutting Q4 Guidance
Tiger Newspress2022-06-02
Microsoft Corp. cut sales and earnings guidance for the fourth quarter, citing unfavorable foreign exchange rates as the stronger U.S. dollar takes a toll.
The company now expects fiscal fourth-quarter sales of $51.94 billion to $52.74 billion, down from its prior guidance of $52.4 billion to $53.2 billion. The quarter ends June 30.
Earnings are expected to be between $2.24 a share and $2.32 a share, down from prior guidance of $2.28 a share to $2.35 a share.
Shares of Microsoft fell more than 2% in premarket trading to $266.69 a share.
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