Microsoft Corporation (MSFT) has reduced its guidance for the fourth quarter, citing “unfavorable foreign exchange rate movement in the quarter through May.”
The company had originally projected revenue of $52.40 to $53.20. Now, the updated guidance forecasts revenue of between $51.94 and $52.74. The change reflects an additional FX impact of $.46.
Additionally, net income forecasts of $17.10 to $17.67 have been reduced. They are now between $16.85 and $17.43, reflecting an additional FX impact of $.25.
Diluted EPS, originally projected to fall between $2.28 and $2.35, is now guided for $2.24 to $2.32.
At the time of writing, the stock had fallen nearly 3%.
Microsoft stock has reported an earnings beat for the past 9 quarters.
