SAN DIEGO, Oct 18 (Bernama-BUSINESS WIRE) — Global currency swings were responsible for deep cuts into the revenues of U.S.-listed multinational corporations, costing them more than $21 billion in the past quarter, according to the new Kyriba Currency Impact Report (CIR), a comprehensive report that details the impact of foreign exchange (FX) among 1,200 companies in North America and Europe. This is the third consecutive quarter of $20+ billion in losses for North American companies – the longest such stretch in at least a decade.
“Currency volatility is having real, quantifiable consequences for companies. CFOs who dismissed this problem as a temporary wave of market drama need to reconsider their approach,” said Wolfgang Koester, Chief Evangelist for Kyriba. “They need to adopt modern tools to measure, monitor and manage their currency exposures accurately and in real-time, or risk facing more quarters of substantial losses.”
