For the second quarter of 2023, 463 S&P 500 companies reported a 40.9% increase in earnings year-over-year, along with a 14.5% rise in revenues. This data corresponds to 92.6% of total index membership, with 83.8% of companies exceeding earnings per share (EPS) estimates and 76.9% surpassing revenue forecasts.
When excluding Micron Technology and Alphabet, the remaining 461 companies still saw earnings grow by 21.5%, while revenues increased by 13.4%. The growth in the tech sector was notably driven by Nvidia, Micron, and Alphabet; without their contributions, tech earnings growth dropped to 33.7%, down from 95.2%.
Historically, Q2 performance exceeded averages from the last 20 quarters, indicating robust growth prospects for S&P 500 companies, with earnings estimates for full-year 2026 on the rise across 10 of the 16 Zacks sectors since March.
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