For Tech, Doing Better Might Not Look Good Enough: John Authers

To get John Authers’ newsletter delivered directly to your inbox, sign up here.

Big Tech’s Big Moment

The first-quarter earnings season is well under way with roughly 20% of the S&P 500 companies having reported already. And the verdict is: So far, so good.

Even if there were a few high-profile misses — notably Elon Musk’s Tesla Inc. — companies as a whole are exceeding expectations on the top and bottom lines. In absolute terms, that still isn’t great. The S&P is on track for a year-over-year earnings per share decline of 7.3% compared to the preseason forecast of down ...