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Microsoft Corp. has downgraded its fourth-quarter forecast for profit and revenue, making it the latest US company to warn of a hit from a stronger bounce back.
Source: Microsoft
MSFT down -1.36%, ORCL up +0.45%
Microsoft, which generates nearly half of its revenue from outside the United States, cut its revenue forecast for all three segments, including Windows products, cloud services, and personal computing.
The tech giant anticipates revenue for the quarter to be around $51.94 billion and $52.74 billion, down from the initial range of $52.40 billion to $53.20 billion.
The company also reduced its profit outlook to between $2.24 and $2.32 per share from an initial estimate of between $2.28 and $2.35 per share.
Microsoft in April projected double-digit revenue growth for the next fiscal year due to demand for its office software and cloud services as economies reopened and businesses moved to a hybrid model.
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