Global corporate profits tanked 33% through 2nd quarter and won't rebound 'anytime soon,' JPMorgan says | Markets Insider

For one, researchers Joseph Lupton and Olya Borichevska expected a bigger plunge. Global earnings sank 33% in the year through the second quarter, according to the firm. The slump is on par with the trend seen during the financial crisis and hit certain sectors, such as travel and hospitality firms, far harder than others.

"The picture remains grim and we still anticipate an incomplete recovery that will prevent the return of profits to pre-pandemic levels anytime soon," the researchers wrote in a note to clients.

Certain companies and countries will return to pre-pandemic profitability before others, the bank added. Tech sector earnings fared the best through the first half of 2020, only falling 0.1% on a non-annualized basis, according to the researchers. Health care and consumer staples firms followed with earnings declines of 4.7% and 5.5%, respectively.

I hope. 😂

Who cares until the stock keeps going up along with fake valuations 😏😏😏🦋

Trumpies are fleecing millions of taxpayers' dollars for their personal bank accounts. Make America Game for Attack (MAGA) means that Divisive Donald empowers his White supremacists and racists to start a Race War where America is ripe for attack from China and Russia.

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