Microsoft Corp (NASDAQ:MSFT) shares are trading lower Tuesday ahead of the company's financial results.
Microsoft is set to announce its fiscal third-quarter results after the market closes. Average analyst estimates are calling for earnings of $2.18 per share on revenue of $49.03 billion, according to data from Benzinga Pro.
The weakness is also in sympathy with the overall market amid concerns over future Fed rate hikes, which have weighed on growth sectors while economic slowdown concerns have pressured market sentiment.
BMO Capital analyst Keith Bachman maintained Microsoft with an Outperform rating on Tuesday as he expects the company to report strong revenue numbers. However, the analyst lowered the price target from $355 to $340, citing multiple compression of software companies.
See Also: Microsoft Analyst Warns Ahead of Quarterly Earnings: 'There's Little Margin For Error'
On Monday, Microsoft announced a new collaboration with Mastercard Inc (NYSE:MA). The companies launched an enhanced identity solution designed to improve the online shopping experience and tackle digital fraud.
MSFT 52-Week Range: $238.07 - $349.57
The stock was down 2.17% at $274.63 at time of publication.
Photo: courtesy of Microsoft.
