‘Dollar Ate My Profit’ Is Corporate America’s Lament Once Again
- FX impact cited by 218 S&P 500 firms in latest earnings calls
- HPE, Biogen among those blaming dollar for profit, sales hits
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Among the cavalcade of challenges facing corporate America, from historically high inflation to the lingering effects of the pandemic, a familiar lament is beginning to dominate C-suite conversations once again: the meteoric ascent of the dollar.
Microsoft Corp. became the latest US firm to make headlines for pointing a finger at the surging greenback, accusing it of eating away at its profits in a rare mid-season earnings forecast revision. It follows similar comments from the likes of Biogen Inc., Costco Wholesale Corp., Hewlett Packard Enterprise Co. and Salesforce Inc., all of which have bemoaned the stronger dollar in recent weeks.