Ovunc Kutlu
02 June 2022•Update: 02 June 2022
ANKARA
Microsoft on Thursday announced that it has lowered its income and revenue forecast citing the "impact of unfavorable foreign exchange rate movement."
The company now expects revenue between $51.94 billion and $52.74 billion, compared with the prior range of $52.40 billion to $53.20 billion, for the fourth quarter of the fiscal year 2022, which spans from April through June this year.
It also estimates that net income will be between $16.85 billion and $17.43 billion, down from the previous range of $17.10 billion to $17.67 billion.
Microsoft's stock price was down 2.8% to $264.85 per share at 10:25 a.m. EDT (1425GMT).
The Washington-based company saw a total revenue of more than $49.3 billion for the first three months of this year, an increase of 18.2% from $41.7 billion in the same period last year, according to its financial results statement released in April.
