Apple’s $1.5 Billion Headwind Adds FX to Litany of Company Woes
- U.S. companies warn of exchange rates hurting revenue
- ‘We’re not able to hedge as much as we normally would’
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U.S. multinational companies have begun to feel the sting of a strong dollar on their bottom lines, and there’s no guarantee the pain will go away as economies around the world attempt to reopen.
Dozens of corporations, from Apple Inc. and Facebook Inc. to Harley- Davidson Inc., have warned the dollar’s appreciation is hurting foreign revenue. Even Netflix Inc., which benefited last quarter as much of the world was forced to stay at home, said overseas sales gains from rising subscriptions are being offset by a “sharply stronger” U.S. dollar.