Shares of The Estée Lauder Companies (NYSE: EL) dropped sharply in pre-market trading on Wednesday after the cosmetics company's revenues declined 11% year-over-year to $3.93 billion in fiscal Q1, in line with analysts' estimates. The company's organic net sales fell 5% year-over-year as a result of macroeconomic headwinds including "COVID-19 restrictions in China." EL reported adjusted earnings of $1.37 per diluted share, a fall of 28% year-over-year, and failing to meet consensus estimates of $1.31.
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