It has not been a good quarter for earnings guidance.
In a note to clients on Friday, Goldman Sachs’ equity strategy team noted that over the 34 quarters the firm has tracked guidance, there have never been more companies guiding below consensus expectations.
Goldman notes that 39 of 45 S&P 500 companies, or 87% (!), providing guidance for the next quarter have given outlooks below expectations.
Historically, 71% of companies guide down in a quarter. And the story for the full-year 2015 is also disappointing, with 80% of companies guiding lower for the full year.
Goldman added that the median company guided 4% below expectations for the first quarter and 2% below estimates for the full year.
This note from Goldman comes as a story from Bloomberg on Friday made the rounds and painted a similarly grim picture for earnings.
Bloomberg’s headline read that CEOs haven’t been this bearish on earnings since 2008, with downward earnings revisions outpacing upward revisions by 8.6%, the most since the financial crisis.
Bloomberg cited data from Bespoke Investment Group in its report, and on Saturday, Bespoke’s George Pearkes shared the following chart on Twitter showing the downward revisions topping upward revisions to earnings guidance.
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