By Ovunc Kutlu
ANKARA (AA) - 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.