We are in the middle of the coronavirus-stricken second-quarter 2020 earnings season and the results so far are highly disappointing mainly due to the lockdowns.
Coronavirus-induced devastations haven’t spared any sector and business services has suffered significantly. Nevertheless, a handful of business services companies are set to beat second-quarter earnings estimates next week.
A Brief Review of Q2
U.S. GDP plunged 32.9% in second-quarter 2020, marking its worst-ever quarterly decline, with the previous nearest low witnessed in the second quarter of 1921. Notably, in the first quarter, the economy declined by 5% year over year.
Economic activities were way below last year in the second quarter since lockdowns continued for nearly two months till the third week of May. Meanwhile, by mid-June, all 50 states reopened their economies in some form or the other.
However, a second wave of COVID-19 in some states since the second half of June forced