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The Q3 earnings reporting season is past the halfway mark. As of Nov 1, 2016, 332 S&P 500 members (or 74.1% of the index’s total market cap) have already reported results. The numbers this time are positive after five weak quarters in a row. Per our article, total earnings of these 332 companies are up 1.9% from the same period last year on 1.3% higher revenues.
The technology sector has also performed better than the year-ago period. So far we have results from 73.4% of the sector’s total market cap in the index. Total earnings of these tech companies are up 0.8% from the same period last year on 1.3% higher revenues.
Overall, total earnings are expected to be up 2.1% on 1.4% higher revenues compared with the sector’s 2.8% earnings decline and flat revenues in the prior year quarter.
On Nov 3, two leading multimedia companies, Activision Blizzard Inc. (ATVI - Free Report) and Glu Mobile (GLUU - Free Report), are scheduled to report their results.
Activision Blizzard is a worldwide console and online game developer and publisher with leading positions across many categories of the interactive entertainment software industry. In 2015, it was included in the list of Fortune 500 companies.
Activision Blizzard carries a Zacks Rank #1 (Strong Buy). Last quarter, the company delivered a positive earnings surprise of 8.11%. The company has an average positive earnings surprise of 33.54% over the last four quarters. For the third quarter, the company has an Earnings ESP of -5.13%. This is because the Most Accurate estimate stands at 37 cents whereas the Zacks Consensus Estimate stands at 39 cents. Please check our Earnings ESP Filter that enables you to find stocks that are expected to come out with earnings surprises. (Read: What to Expect from Activision Blizzard Q3 Earnings?).
Glu Mobile is a leading global publisher of mobile games. Its portfolio of games includes titles like Deer Hunter, Heroes of Destiny, Diner Dash, Gun Bros and Racing Rivals. Its roster of celebrity games includes titles like Kim Kardashian: Hollywood, Katy Perry Pop and Kendall & Kylie Jenner.
Glu Mobile has an Earnings ESP of 0.00% as both the Most Accurate estimate and the Zacks Consensus Estimate for third quarter 2016 stand at a loss of 5 cents. Last quarter, the company posted a positive earnings surprise of 25.00%. Glu Mobile has surpassed the Zacks Consensus Estimate in the four preceding quarters with an average positive earnings surprise of 55.36%. The stock carries a Zacks Rank #4 (Sell) (Read: What's in the Cards for Glu Mobile in Q3 Earnings?)
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