FX.co ★ Apple blames ruble for sales drop?

Following perhaps a paraphrased rule “never speak ill of the ruble”, the Russian mass media are reporting that the national currency put the skids on Apple Inc.’s revenues instead of narrating a continuous slump in the ruble’s value. It seems surprising that the weakening ruble managed to crimp profits of one of the most valuable company of all time.

Summing up quarterly financial records, Apple chief Tim Cook blamed company’s losses on both "the turbulent world" and negative influence of the lofty US dollar. It was exactly the strength of the greenback, and as a consequence a notable difference in exchange rates, which caused discouraging financial performance in recent months. Tim Cook specifically cited the adverse effect of weakness in currencies such as the euro, British pound, Canadian and Australian dollars etc. The Russian ruble turned out to be on the list. That was enough for the media to announce that Russia’s national currency made a huge dent in corporation’s revenues received abroad. The currency swings became the major reason behind a 15% decline in the world’s largest company’s income. It is a lot for a company that generates two-thirds of its revenues outside the US. But then again, the Apple CEO was talking about currency swings rather than fluctuations in the ruble exchange rate.

However, Apple reported quite a profitable quarter especially given the “economic challenges all over the world.”