The Q2 earnings season is in full swing, with over 400 companies set to report results, including 109 S&P 500 members. Results from 62 members show earnings up +9.3% and revenues up +5.8% from last year, with strong beats on both fronts.

Favorable management commentary on current business trends is boosting earnings expectations for Q3 and beyond. Despite early results being over-indexed to the Finance sector, trends are expected to be validated by upcoming reports.

Alphabet and Tesla are set to report earnings on July 23rd. Alphabet is expected to report $2.14 per share in earnings on $79.3 billion in revenues, while Tesla is expected to report $0.40 per share in earnings on $22.5 billion in revenues.

Total S&P 500 earnings for Q2 are projected to be up +6% on +4.3% higher revenues. For the Mag 7 group, total Q2 earnings are expected to be up +11.7% on +11.3% higher revenues, showing strong growth projections.

Despite concerns about the search business, Alphabet offers gems like YouTube and Waymo. Cloud remains a strong suit for the company, and its discounted valuation presents an opportunity for investors.

To make the most of the current market, access Zacks’ private portfolio services for just $1. With numerous double and triple-digit winners, this offer provides real-time picks for various investing and trading styles.

For more insights on the evolving earnings picture and detailed analysis of Q2 results, check out Zacks Investment Research’s Earnings Trends report for a closer look at the current market trends and projections.

Read more at Nasdaq: Early Q2 Results Indicate an Improving Earnings Outlook