More leading US companies have beaten their third-quarter earnings estimates than in any quarter for more than 15 years, according to Thomson Reuters.
But analysts say profits are continuing to rise faster than revenues – due to cost-cutting – which could be a sign that Wall Street is heading for a “double-dip” recession.
In the S&P 500, 80 per cent of companies have reported third- quarter profits above forecast. While 60 companies have yet to report, John Butters, director of US earnings at Thomson Reuters, said the final percentage of companies beating estimates was likely to be the highest since the group began tracking the data in 1994.
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