Halfway through one of the strangest earnings seasons ever, here's what we are learning

reported a loss that was less than expected and added more users, both paying customers and those who listened to its free ad-supported category. But it lowered its revenue guidance for the year as ad sales fell.would be doing better: They make Oreos. They did beat estimates, and consumers certainly stockpiled food. But the company withdrew its 2020 forecast due to uncertainty surrounding the impact of the virus.

"Markets are trading on an increase in clarity," Jenny Harrington, CEO and portfolio manager at Gilman Hill Asset Management, said on CNBC'sNick Raich, who covers corporate earnings at the Earnings Scout, agrees. "The markets are speculating that the worst of the earnings cuts are coming in the second quarter, which we are in now," he said. "By the time the companies report second quarter earnings in July, the majority of the downward cuts will be known.

Several companies have been trying a similar balancing act — providing little guidance but sounding vaguely optimistic —and investors seem to be buying the narrative.talked about a difficult quarter as consumers are shopping less, but sounded cautiously optimistic that a drop-off in ad revenues in March was starting to moderate.withdrew guidance but also said it is seeing business ramp up slowly in April, after hitting a low earlier during the coronavirus pandemic.

"After the initial steep decrease in advertising revenue in [the last three weeks of] March, we have seen signs of stability reflected in the first three weeks of April, where advertising revenue has been approximately flat compared to the same period a year ago, down from the 17% year-over-year growth in the first quarter of 2020."

Hopefully for the liberal media it is terrible news so they can work tirelessly to sway public opinion against Trump.

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