Microsoft lowers revenue, profit forecasts in fourth qtr on forex impact

Microsoft Corp on Thursday lowered its forecast for profit and revenue in the fourth quarter, citing a hit from a stronger dollar.

The company expects revenue for the quarter to be between $51.94 billion and $52.74 billion, down from its prior range of $52.40 billion to $53.20 billion.

It cut the profit view to between $2.24 and $2.32 per share, from a prior expectation of $2.28 to $2.35 per share.

Analysts are forecasting a net income of $17.51 billion, or $2.33 per share, on revenue of $52.87 billion, according to Refinitiv data.

Microsoft had in April forecast double-digit revenue growth for the next fiscal year, driven by demand for cloud computing services.