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Below we highlight the percentage of companies that have beaten earnings and revenue estimates during each earnings season going back to 2001. As shown, 60.7% of companies have beaten earnings estimates so far this season, which would be higher than the beat rate for each of the prior three earnings seasons if it holds.

The revenue beat rate is the concern, however. As shown in the second chart below, just 44.8% of US companies that have reported have beaten revenue estimates this season, which would be the lowest reading since the lows of the financial crisis if it holds.

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Source: Earnings And Revenue Beat Rates