Major U.S. technology companies, which derive the majority of their revenue from abroad, with between 25 percent and 33 percent overall from Europe, have warned about potential fallout from the Eurozone crisis since last July.
The leaders, headed by Hewlett-Packard, the No. 1 computer services provider: IBM, No. 2 in the sector; Oracle, the top provider of database and analytical software and Cisco Systems, the No. 1 provider of Internet equipment, all reported during the fourth quarter of 2011 that they had not been deeply impacted.
Safra Catz, Oracle co-president, said when the Redwood Shores, Calif.-based company reported second-quarter results on Dec. 20 that the appreciation of the dollar created a percent negative swing on results. Still, European sales rose 2 percent in the quarter.
IBM's CFO, Mark Loughridge, said the demand for new computers and services outweighed any increase in the dollar. IBM's third-quarter European revenue rose 9 percent to $8 billion but were flat when adjusted for currency.