Microsoft Shares Slide On Guidance Cut, Drag Futures Into Red

Microsoft shares are sliding in the pre-market after its cut top- and bottom-line guidance due to a strong dollar (seeing an additional $460 million FX impact in Q4):

On June 2, 2022, Microsoft Corporation updated our guidance for the quarter ending June 30, 2022 due to unfavorable foreign exchange rate movement in the quarter through May.

A slide deck with our revised guidance is furnished as Exhibit 99.1 to this report.

The new guidance is as follows:

These new revisions are significantly below the analyst consensus estimates for earnings of $2.34 per share and revenue of $52.93 billion, according to data compiled by Bloomberg

This dragged MSFT lower…

And the majors are all sliding hard with Nasdaq and S&P back in the red…

Having recent frozen new hiring, is MSFT a canary?