Wall Street earnings season – the worst since the global crisis
The season financial statements for the first quarter came to a close on Wall Street and major US corporate profits have fallen sharply since the global financial crisis.
The earnings per share of 98.4% of the companies in the S&P 500 who have already published their statements regarding the first quarter, fell by 7% over the same period a year earlier, the sharpest fall since the third quarter of 2009.
The energy sector suffered from the fall in oil prices, with a decline 108% in the quarter.
Many energy companies posted heavy losses in the quarter, and a number of companies reached insolvency and bankruptcy.
Weakness was also recorded at the revenue of S&P 500, which shrank by 1.7% in the quarter – the fifth consecutive quarter of decline in revenues over the first quarter.