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# Q2 Earnings Season Is Unsurprising So Far
- URL: https://www.yardeniquicktakes.com/q2-earnings-season-is-unsurprising-so-far/
- Published: 2022-08-05T02:47:44.000Z
- Updated: 2022-08-05T02:47:44.000Z
- Author: Ed Yardeni
- Tags: SPX Earnings, Stock Market

As of mid-day Wednesday, 356 (or 71%) of the S&P 500 companies reported their Q2 results. Both the revenues and earnings surprises were positive, but relatively low for the third quarter in a row: 

(1) Revenues are beating the consensus forecast by 2.5%, and earnings have exceeded estimates by 5.6% so far (chart below). 

(2) Collectively, the companies have a y/y revenue gain of 15.0% and an earnings gain of 10.9%. Those growth rates have been slowing since Q1-2021.

(3) So far, 68% of the Q2 reporters have reported a positive revenue surprise, while 77% have beaten earnings forecasts. 

(4) These figures are bound to change as more Q2 results are reported in the coming weeks, particularly from the struggling retailers. While we expect y/y growth rates to remain positive in Q2, we think revenue and earnings surprises will be moderate due to the slowing economy, rising inventories, and higher costs.

![](https://storage.ghost.io/c/16/ef/16efc0dd-240f-4f5e-9e01-d619d6fd4fd1/content/images/2022/08/Capture.PNG)