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Earnings Season Q2/2024

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Axi Team

What to expect during the Q2 Earning Season in 2024 

Earnings season is a busy time for traders, who use the flow of information about companies' performance and future guidance to shape their strategies and portfolios. As a result, earnings season is characterised by increased market volatility, with individual stock prices frequently fluctuating significantly in response to announcements, particularly for growing companies.

Large financial institutions are usually among the first to release their quarterly reports, followed by earnings reports from major technology companies and industry leaders like IBM (IBM), Coca-Cola (KO), and Mastercard (MA).

Earnings reports from these “Bellwether” blue chips can serve as indicators of economic trends and the overall stock market.

 

What to expect from Q2 earnings

Analysts anticipate positive earnings growth for the S&P 500 in Q2 2024, driven by higher revenues across sectors. The estimated annual growth rate of 8.8% could be the highest since the first quarter of 2022.

The energy sector is recovering, with Exxon Mobil and Chevron leading the way in terms of expected earnings growth.

With an expected 8% increase, tech continues to perform strongly, significantly contributing to overall market growth. Investors will be keenly watching for signs of payoff from the sector's investments in generative AI.

Communication services is also expected to grow by double digits, with Alphabet driving the surge and becoming the second-largest contributor to the estimated earnings increase.

Positive estimate revisions are also happening in transportation, utilities, and automobiles.

Separately, the US banking sector is undergoing a transformation, with the prospect of increased consolidation through mergers and acquisitions. This could reveal undervalued banking stocks that pique traders' interest.

 

Earnings Calendar for July 2024

Date

Company Name

Ticker

Date Type

Time

Period

Estimate (EPS)

12 July 2024 

JPMorgan Chase & Co 

JPMorgan- 

Confirmed 

14:00 

Q2 24  

4.272 

15 July 2024 

BlackRock Inc 

Blackrock- 

Estimated 

 

Q2 24  

9.864 

15 July 2024 

Goldman Sachs Group Inc 

Goldmans- 

Confirmed 

14:30 

Q2 24  

8.816 

17 July 2024 

Johnson & Johnson 

Johnson&J- 

Confirmed 

13:45 

Q2 24  

2.715 

18 July 2024 

Netflix Inc 

Netflix- 

Confirmed 

23:00 

Q2 24  

4.735 

19 July 2024 

American Airlines Group Inc 

AAL- 

Estimated 

 

Q2 24  

1.093 

19 July 2024 

Tesla Motors Inc 

Tesla- 

Estimated 

 

Q2 24  

0.574 

22 July 2024 

SAP AG (DE) 

SAP- 

Confirmed 

23:05 

Q2 24  

1.125 

24 July 2024 

Aston Martin PLC 

AstonMarti- 

Confirmed 

10:00 

S1 24  

 

24 July 2024 

BNP Paribas SA 

BNPParibas- 

Confirmed 

Bef-mkt 

S1 24  

 

24 July 2024 

Reckitt Benckiser Group PLC 

ReckittBen- 

Confirmed 

Bef-mkt 

S1 24  

1.542 

24 July 2024 

Deutsche Bank AG 

DeutBank- 

Confirmed 

Bef-mkt 

Q2 24  

0.595 

24 July 2024 

Orange SA 

Orange- 

Confirmed 

Bef-mkt 

S1 24  

0.395 

24 July 2024 

Kering 

Kering- 

Confirmed 

Aft-mkt 

S1 24  

7.615 

24 July 2024 

IBM Corp 

IBM- 

Confirmed 

Aft-mkt 

Q2 24  

2.194 

24 July 2024 

Ford 

Ford- 

Tentative 

Aft-mkt 

Q2 24  

0.641 

25 July 2024 

Lloyds Banking Group PLC 

Lloyds- 

Confirmed 

Bef-mkt 

S1 24  

0.033 

25 July 2024 

Renault SA 

Renault- 

Confirmed 

Bef-mkt 

S1 24  

5.14 

25 July 2024 

Sanofi 

Sanofi- 

Confirmed 

Bef-mkt 

Q2 24  

1.629 

25 July 2024 

Roche Holding AG 

Roche- 

Confirmed 

Bef-mkt 

S1 24  

9.213 

25 July 2024 

Microsoft Corp 

Microsoft- 

Estimated 

 

Q4 24  

2.929 

25 July 2024 

Visa Inc 

VISA- 

Estimated 

 

Q3 24  

2.419 

25 July 2024 

Alphabet Inc - C 

AlphabetC- 

Estimated 

 

Q2 24  

1.833 

25 July 2024 

LVMH Moet Hennessy Louis Vuitton SA 

LVMH- 

Estimated 

 

S1 24  

15.146 

26 July 2024 

Mercedes-Benz Group AG 

Daimler- 

Confirmed 

Bef-mkt 

Q2 24  

2.818 

26 July 2024 

BASF SE 

BASF- 

Confirmed 

Bef-mkt 

Q2 24  

0.865 

26 July 2024 

BT Group PLC 

BT- 

Confirmed 

 

Q1 25  

0.047 

26 July 2024 

McDonald's Corp 

McDonalds- 

Confirmed 

Bef-mkt 

Q2 24  

3.101 

26 July 2024 

Keurig Dr Pepper Inc 

DrPepper- 

Estimated 

 

Q2 24  

0.451 

26 July 2024 

Meta Platforms Inc 

Meta- 

Estimated 

 

Q2 24  

4.716 

26 July 2024 

eBay 

EBAY- 

Estimated 

 

Q2 24  

1.127 

26 July 2024 

Intel Corp 

Intel- 

Estimated 

 

Q2 24  

0.103 

26 July 2024 

Boeing 

Boeing- 

Estimated 

 

Q2 24  

-0.937 

29 July 2024 

Aon PLC 

AON- 

Estimated 

 

Q2 24  

3.11 

29 July 2024 

Exxon Mobil Corp 

Exxon- 

Estimated 

 

Q2 24  

2.379 

30 July 2024 

Airbus Group NV (FR) 

Airbus- 

Confirmed 

 

S1 24  

2.45 

30 July 2024 

Fresnillo PLC 

Fresnillo- 

Confirmed 

 

S1 24  

0.118 

30 July 2024 

Procter & Gamble Co 

P&G- 

Confirmed 

Bef-mkt 

Q4 24  

1.368 

30 July 2024 

BP PLC 

BP- 

Confirmed 

14:00 

S1 24  

 

30 July 2024 

Pfizer Inc 

Pfizer- 

Confirmed 

Bef-mkt 

Q2 24  

0.452 

30 July 2024 

Merck & Co 

Merck&co- 

Tentative 

Bef-mkt 

Q2 24  

2.157 

31 July 2024 

Rio Tinto PLC 

RioTinto- 

Confirmed 

9:15 

S1 24  

3.6 

31 July 2024 

HSBC Holdings PLC 

HSBC_UK- 

Confirmed 

Bef-mkt 

S1 24  

0.93 

31 July 2024 

adidas AG 

Adidas- 

Confirmed 

Bef-mkt 

Q2 24  

0.647 

31 July 2024 

GlaxoSmithKline PLC 

GSK- 

Confirmed 

Bef-mkt 

S1 24  

 

Past performance is not indicative of future results.

6 stocks to watch in July

1. JPMorgan Chase (12 July)

Analysts expect strong Q2 results from the largest American bank, with revenue and net income growth outpacing peers and the industry. However, the forecast of $4.272 earnings per share (EPS), while strong, is lower than in previous quarters. Investors will be keeping an eye on profitability as the bank deals with narrower margins, rising deposit costs, and potential loan losses.

2. Tesla (19 July)

Following a disappointing Q1 with a 9% revenue decline, Tesla faces another test. Analysts predict that Q2 EPS will fall to $0.574 from $0.63. Despite concerns about profitability and electric vehicle pricing power, CEO Elon Musk expressed optimism for future products. Investors will be closely monitoring management's guidance and Tesla's ability to weather economic headwinds.

3. Alphabet (25 July)

Alphabet (Google) crushed Q1 estimates with strong performance in Cloud and YouTube ads. They even announced a $70 billion buyback and first-ever dividend. However, an AI rollout controversy has investors concerned about its impact on future ad sales.

Despite this, Alphabet is expected to lead communication services earnings in the second quarter, with a projected EPS of $1.83 (up from $1.44) and the potential to drive the sector's massive 18.5% growth, the highest of any sector.

4. Meta Platforms (26 July)

Meta outperformed expectations in Q1 but guided lower for Q2, with revenue growth slowing from 27% to 18%. Despite this, Meta (EPS $4.72 expected vs. $2.98 last year) remains a key driver of communication services.

Investors will be watching Meta and Alphabet compete for digital ad dominance, as well as the impact of AI on advertising revenue.

5. Microsoft (25 July)

Microsoft's cloud business thrived in Q3 FY2024, increasing revenue by 17% YoY to $61.9 billion. Azure cloud services led the charge with a 31% increase, indicating strong demand for AI. Analysts expect this momentum to continue in the second quarter of 2024 (April–June), with an expected EPS of $2.93 (up from $2.69 in 2023).

6. Exxon (29 July)

Exxon Mobil (EXXON) is expected to lead the energy sector's turnaround in Q2 2024. With a projected EPS of $2.35 (up from $1.94 last year), Exxon is expected to be the sector's biggest contributor thanks to higher oil prices (average Q2 price: $80.60 vs. $73.56 in 2023).

 

How to trade the earnings season with Axi

Axi offers access to CFDs on 495+ popular global shares, including JPMorgan (JPM), Goldman Sachs (GS), Tesla (TSLA), Alphabet (GOOGL), Apple (AAPL), Amazon (AMZN), Meta Platforms (MVRS), Microsoft (MSFT), EXXON (XOM), and Walt Disney (DIS).

To stay informed about company earnings dates and trade the earnings season with Axi: 

  1. Track Earnings: Use Axi's Earnings Calendar to stay ahead of the curve. 
  2. Monitor & Analyse: Employ Axi's charting tools to monitor stock prices before, during, and after earnings, and analyse market expectations. 
  3. Go Long or Short: Speculate on market movements with CFDs, leveraging Axi's reduced fees and tight spreads. 

 

Ready to trade your edge? 

Join thousands of traders and trade CFDs on forex, shares, indices, and commodities!

 

 

This information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. It has been prepared without taking your objectives, financial situation, or needs into account. Any references to past performance and forecasts are not reliable indicators of future results. Axi makes no representation and assumes no liability regarding the accuracy and completeness of the content in this publication. Readers should seek their own advice. 



Axi Team

Axi Team

The Axi team is full of people with decades of financial industry experience and knowledge of almost every aspect of trading. The Axi team blog, in addition to regular posts from our daily market analysis contributors, is a place to share wider insights and ideas. In this section, you’ll find posts about everything from forex education and helpful hints for new traders to product updates and important market announcements.


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