Reddit Mania Overshadows Outstanding Earnings Season for Tech
- More than 95% of S&P 500 tech stocks beat earnings estimates
- Tech stocks are leading the market since earnings season began
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Anyone distracted by the Reddit-fueled circus in stocks this month may have missed an important fundamental story: A stellar earnings season for technology companies that helped the group’s shares outperform the market once again.
With more than half of S&P 500 earnings reports in the books, tech companies like Skyworks Solutions Inc. and Paypal Holdings Inc. are leading all of the other main sectors in the benchmark index with more than 95% beating profit estimates, according to data compiled by Bloomberg. As for revenue, 88% have topped estimates.