Microsoft Cuts Q4 Outlook; Stock Down

(RTTNews) - Microsoft Corp. (MSFT) cut its guidance for the fourth ending June 30, 2022 due to unfavorable foreign exchange rate movement.

In Thursday regular trade, MSFT was trading at $264.96 down $7.46 or 2.74%.

The company disclosed in a regulatory filing that it expects quarterly net income to be in the range of $16.85 billion - $17.43 billion or $2.24 - $2.32 per share, compared to the prior outlook of $17.10 billion - $17.67 billion or $2.28 - $2.35 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $2.33 per share for the fourth quarter. Analysts' estimates typically exclude special items.

The company lowered its fourth-quarter sales outlook to range of $51.94 billion - $52.74 billion, from its prior guidance of $52.40 billion - $53.20 billion. Analysts expect revenue of $52.87 billion for the quarter.