Roughly 150 companies have reported earnings since the second quarter reporting period began on July 8th. While this is less than a tenth of the total amount of companies set to report throughout earnings season, it's enough to get an initial reading on the percentage of companies beating earnings and revenue estimates.
As shown in the first chart below, 69% of companies have beaten earnings estimates so far this season. It's still very early, but compared to the final quarterly readings over the past few years, the earnings beat rate has gotten off to a great start. The revenue beat rate, on the other hand, has been below average at just 50%. Top line numbers have struggled in three of the last four quarters, and it's looking like the same could be in store this quarter as well.