Microsoft blames economic woes for missing profit targets

REDMOND, Wash. (AP) – Microsoft on Tuesday reported fiscal fourth-quarter profit of $16.7 billion, or $2.23 per share, a rare disappointment from the tech giant that has consistently beat Wall Street expectations in recent years.

It posted revenue of $51.9 billion in the April-June period, up 12% from last year.

Analysts had been looking for earnings of $2.29 per share and revenue of $52.94 billion, according to FactSet.

The company blamed a number of “evolving macroeconomic conditions and other unforeseen items” for affecting its financial performance, including production shutdowns in China, a deteriorating personal computer market and the war in Ukraine that led Microsoft scale down its operations in Russia.