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Surging Dollar Threatens $60 Billion Hit to Corporate Revenue

The greenback’s strength is likely to reduce the profits of a third of the companies in the S&P 500 this quarter.

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Photographer: Stephen Hilger/Bloomberg 

The dollar’s precipitous ascent is about to become an even bigger headache for US companies.

Salesforce Inc. recently said that it expects foreign exchange to shave off $800 million from its full-year sales, an increase of $200 million from an earlier forecast. That follows comments from the likes of Procter & Gamble Co., which expects a $900 million after-tax hit in the fiscal year ending in June 2023, joining the ranks of American companies bemoaning the dollar’s strength.