Deceiving quarterly results

Skype published its quarterly results, and i am not convinced we can call this good results!

Indeed, the quarterly revenue raised from 115 million US$ to 126 million US$, therefore an increase of about 10%, but …

1. Calculated in Euro (€) this is a quarterly increase of only 2%!
2. And … registered users have gone up by 12%!

Worse is the revenue per user account. In US$ it still seems to have an upward tendency, but in Euro it has definitely a downward tendency!Why is a conversion of the revenue in Euro worth to do?

1. Only 18% of the revenue is generated in the USA (therefore US$ revenue!);
2. Skype is still a European company registered in Luxemburg;
3. Most Skype staff are located in Europe, therefore the costs are also accountable in Euro (€).

Hmmm …