Estee Lauder Companies Inc (NYSE: EL) shares dropped following its Q1 FY24 results and a disappointing outlook. The company reported a 10% YoY sales decline to $3.518 billion, missing the analyst consensus estimate. Organic net sales declined 11%, primarily due to pressures in the company's Asia travel retail business and a slower-than-expected recovery of overall prestige beauty in mainland China. The company also lowered its fiscal 2024 outlook due to external headwinds. EL shares traded lower by 16.61% premarket Wednesday.