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, falling short of analyst expectations for $2.29 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 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 pandemic-related production shutdowns in China, a deteriorating personal computer market, lowered spending on advertisements and the war in Ukraine that led Microsoft to scale down its operations in Russia.