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The final revenue beat rate for the third quarter reporting period was 48.2%. This is 0.2 percentage points less than the 48.4% reading seen last quarter. We've now had two quarters in a row where the percentage of companies beating revenues estimates was below 50%. That hasn't happened since Q4 '08 and Q1 '09, which was the low of the financial crisis.

While a reading of 48.2% is very low, the revenue beat rate was actually in the low 40s early on this earnings season, so the companies that reported over the last couple of weeks did a lot better on revenues than the companies that reported in October.

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