The software giant said it now expects earnings per share of $2.24 to $2.32, down from earlier estimates for $2.28 to $2.35 a share. The company sees a $460 million impact on fourth-quarter revenue from currency fluctuations, knocking revenue to $51.94 billion to $52.74 billion. The shares declined about 2.3% Thursday morning in New York.
Microsoft issued the new guidance in a securities filing, “to help investors understand the impact of unfavorable foreign exchange rate movement in the fourth quarter of fiscal 2022 since the forward-looking guidance provided on April 26.” The Redmond, Washington-based company got about half of the $168 billion in revenue generated in fiscal 2021 from abroad.
Microsoft’s revised outlook “will be a recurring theme across many large software companies, as most generate over one-third of their sales outside the US,” said Anurag Rana, an analyst at Bloomberg Intelligence. In its most recent earnings report, issued in April, Microsoft reported quarterly sales and earnings that topped analysts’ projections, fueled by robust growth in cloud-services demand.
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