The bad news is that the percentage of companies beating earnings is the lowest it’s been since 2015.
The good news, at least in the short term, is that not bad might be good enough.
Google, which missed on the top and bottom line for the second quarter, is up 3% in the after hours. The stock was down 30% from its highs going into the print, so it appears that investors had discounted the disappointment.
Google’s revenue grew 13% in the second quarter, the slowest growth since 2015 (outside of the pandemic). Not great, but definitely not bad.
We got a barrage of companies reporting after the close*, and Josh and I will get to them and much more on tonight’s What Are Your Thoughts?
* The Quartr app keeps getting better. If you’re into individual companies, you gotta use this (shareholder, full disclosure)