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We are right in the middle of earnings season for Q2. Already 249 S&P companies reported results out of 500. And currently we are heading to 17,9% profit decline vs. year earlier. Excluding banks profits should rise by 7,7%.

At the picture you can see profits growth per industry (yearly change). Before Q2 kick off I also posted estimated earnings growth for different sectors of S&P 500.

Up to now financials provided some better than expected results like Citigroup (C), Bank of America (BAC) or JPMorgan Chase (JPM). But still this sector dives by 85% on yearly basis.

Leading sector is energy with 25% growth year-on-year. Next week earnings are scheduled from Exxon Mobil (XOM) and Chevron (CVX).

Techs disappoint the street for Q2. Google (GOOG), Microsoft (MSFT) and Yahoo (YHOO) missed estimates and Apple (AAPL) with Ebay (EBAY) provided lower guidance for 2008. On the other hand Intel (INTC) and IBM (IBM) upbeat expectations.

Halfway earnings preview for Q2.

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