Oracle Faces Currency Headwinds as Strong Dollar Hits Revenue

Oracle is just the latest multinational to be hit by a stronger U.S. dollar. The tech company reported an underwhelming third quarter with earnings as expected and sales flat year on year. Oracle earned $0.68 a share over the three months to February, level with a year earlier. Analysts had expected earnings of $0.68 a share. Revenue missed estimates with total sales of $9.32 billion showing no growth from a year earlier and missing estimates by $140 million. With more than half of sales originate from outside the U.S., the impact of foreign exchange on Oracle is substantial. The U.S. dollar is currently hovering near 12-year highs.