Microsoft blames economic woes for missing profit targets

The company had already lowered its profit and sales estimates in early June based on what it described as “unfavorable” changes in the foreign exchange rate as the U.S. dollar surged. A tough season for computer sales – blamed on supply chain disruptions and geopolitical instability – put pressure on Microsoft’s personal computing business, which relies on licensing revenue from PC manufacturers who install its Windows operating system on their products.