For much of 2023, some of the biggest Wall Street bears were betting - <a href="https://www.zerohedge.com/markets/mike-wilson-flips-back-bearish-says-sell-any-bounces-until-we-make-new-bear-market-lows">quite vocally in certain prominent </a>cases- that Q1 earnings season would finally be the nail in the coffin of the bear market rally. However, with consensus expectations tumbling into the earnings print (as they always do), the bogey to beat ended up being quite easy and as a result, Q1 2023 earnings season has proven to be much better than feared.

With 90% of S&amp;P companies reporting results, here is where we stand:

S&amp;P 500 profits fell by 3%, stronger than consensus estimates of a 7% decline at the start of reporting season. Revenues grew by 4%, also above expectations for growth of 3%.
{ai:summary}<p>Better-than-expected Q1 2023 earnings season with S&P 500 profits falling by 3% YoY, stronger than expected, and revenues growing by 4% in both the US and Europe, above expectations for growth of 3% and 1%, respectively. Margins in every sector surprised to the upside, while profit margins are showing increasing signs of a rollover. Excluding Energy, S&P 500 YoY EPS growth improved sequentially from -6% in 4Q 2022 to -5% in 1Q 2023. (#economy)</p>

"The Worst Is Now Behind Us": Q1 Earnings Season Much Better Than Feared

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