Earnings crash still ahead

Tuesday 7 March 2023

The Market Ear is sounding wishful on earnings.

Maybe earnings will not fall off a cliff

Are earnings stabilizing? The beat rate in Q4 was the worst in 12 years. Still, net revisions seem to at least have stabilized. The consensus view is that earnings have to come down by around 10% and that this will lead equities lower. Let’s challenge that view.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.