Estee Lauder among multinationals hit by China lockdowns

The devastating effects of COVID-19 lockdowns in China overshadowed a strong quarter at Estee Lauder and shares of the cosmetics company tumbled before the opening bell Wednesday.

International companies that rely on sales in China have been hammered by Beijing's “Zero COVID” policies that have mandated strict periods of isolation for millions of people.

On Wednesday, Estee Lauder lowered its annual adjusted per-share profit expectations from between $7.39 and $7.54, to between $5.25 and $5.40. That's far below Wall Street projections for per-share profits of $7.35 per share, according to a FactSet survey.

Shares fell 9% in early trading.