Shares of Estée Lauder Companies Inc. plunged toward a six-year low Wednesday after the beauty-products company reported a surprise fiscal first-quarter profit but provided a second-quarter outlook that was well below expectations and slashed its full-year forecast.
“While we had a better-than-expected first quarter, we are lowering our fiscal 2024 outlook given incremental external headwinds, namely from the slower growth in overall prestige beauty in Asia travel retail and in mainland China, which is currently confirmed…
