Emoticons broken in O365 CC Version 1703. Version 1704 available for update
Just in case if no one posted about this yet... Office 365 Current Channel Version 1703 breaks auto correct emoticons.
If you are currently using Office 365 and on CURRENT channel you may be on Version 1703 (Build 7967.XXXX) you may experience broken emoticons in Word/Outlook. This is caused by unnecessary (thoughtful, but maybe no...) added auto corrects to some regularly used smiley faces.
Version 1703 for Current Channel was released in April, and Version 1704 was released on May 18th of this month.
Thought I share....
I had a user complain about this... I figured it was an update that did it, just hadn't bothered to look into it closer.