(Reuters) - Mondelez International Inc MDLZ.O, the maker of Oreo cookies and Cadbury chocolates, reported lower-than-expected holiday-quarter sales and profit due to a strong dollar that eroded the value of sales outside the United States.

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The company, which gets more than 75 percent of its sales outside the United States, also said that it expects its 2017 revenue growth to be hit by 1 percent and adjusted earnings to be down by 3 cents per share due to the strong dollar.

The average value of the dollar rose 2.3 percent against a basket of currencies in the fourth quarter, from a year earlier.

Mondelez said its fourth-quarter sales in Europe, its largest market, was down 4.7 percent. However, they were up marginally on a constant currency basis.

The world’s second-largest confectionary company last month raised prices for some of its products as it grapples with higher commodity costs.

The Deerfield, Illinois-based company’s net revenue fell 8.1 percent to $6.77 billion in the quarter.

Analysts on average had expected revenue of $6.89 billion, according to Thomson Reuters I/B/E/S.

Net income attributable to Mondelez was $93 million, or 6 cents per share, in the quarter ended Dec. 31, compared with a loss of $729 million, or 45 cents per share, a year earlier.

Excluding items, Mondelez earned 47 cents per share, missing the average analyst estimate by a cent.

The company’s shares were down slightly at $43.93 in extended trading on Tuesday.