Download the complete report


The first earnings season in the age of COVID-19 is wrapping up, and company reports gave a glimpse into how the pandemic is impacting corporate America. First quarter earnings per share for S&P 500 firms fell -14% year over year, the worst quarter since the global financial crisis. Additionally, a record number of companies withdrew earnings guidance, reinforcing the sense that investors are flying blind.

In this report, we put Q1 earnings into context and analyze why equities have bounced sharply even as economic data continues to collapse.1

Click here to download the complete report.


1 Bloomberg Finance, L.P., as of May 15, 2020.


This information is educational in nature and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. FS Investments is not adopting, making a recommendation for or endorsing any investment strategy or particular security. All views, opinions and positions expressed herein are that of the author and do not necessarily reflect the views, opinions or positions of FS Investments. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. FS Investments does not provide legal or tax advice and the information herein should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact any investment result. FS Investments cannot guarantee that the information herein is accurate, complete, or timely. FS Investments makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.

Any projections, forecasts and estimates contained herein are based upon certain assumptions that the author considers reasonable. Projections are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. The inclusion of projections herein should not be regarded as a representation or guarantee regarding the reliability, accuracy or completeness of the information contained herein, and neither FS Investments nor the author are under any obligation to update or keep current such information.

All investing is subject to risk, including the possible loss of the money you invest.