Microsoft says China and Russia hurt its earnings
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The tech giant on Tuesday attributed lower-than-expected earnings to developments in China and Russia, including the former's extended Covid lockdowns and the latter's war against Ukraine. Microsoft (MSFT) recorded $51.9 billion in revenue and $16.7 billion in profit, up 12% and 2%, respectively, from the same period last year but lower than forecasts from analysts surveyed by Refinitiv. "Extended production shutdowns in China" resulted in a $300 million hit, the company said in its earnings release, adding that it spent $126 million to "significantly scale down" its operations in Russia because of the war in Ukraine. There were also more universal issues, however. Microsoft's jobs platform LinkedIn suffered from a reduction in advertising spend, along with Microsoft's search and news business, that resulted in a revenue decline of over $100 millionRead MoreAmid the broader tech industry downturn, Microsoft said it undertook a "a strategic realignment" of its business that resulted in $113 million spent on employee severance (excluding Russia). Microsoft stock dipped around 1% lower in after-hours trading. Click Here To Get Funded!