As of the latest updates, approximately 36% of S&P 500 companies have reported first-quarter 2025 earnings. Of those reporting, 73% have posted actual earnings per share (EPS) above analyst estimates, which is below the five-year average of 77% and the ten-year average of 75%. The blended EPS growth stands at 10.1% year-over-year, with reported earnings ahead by 9% compared to the previous year. Excluding the financial and energy sectors, EPS growth is at 13% year-over-year. The EPS beat rate is 64%, and 64% of companies have beaten revenue estimates. Analysts have trimmed, but not drastically cut, their 2025 bottom-up consensus EPS estimates, which have been reduced by about 1.5% in April and still imply 10% year-over-year growth. Healthcare has shown the strongest earnings growth among sectors so far, while there is no reported impact from tariffs on earnings yet. The ACWI index is up 13% year-over-year, with nearly all of the gain attributed to earnings rather than changes in price-to-earnings ratios. Meta Platforms (META) is scheduled to report Q1 earnings on April 30. Loop Capital has lowered its price target for Meta to $695 from $900, maintaining a Buy rating, citing softer ad pricing, falling ad prices due to reduced Chinese cross-border advertising, and softer consumer demand. The high end of Meta's Q1 revenue guidance is $41.8 billion. Needham's Laura Martin has also raised concerns about potential downward revisions to Meta's full-year 2025 revenue, margins, EPS, and free cash flow, as well as upward revisions to capital expenditures and Reality Labs losses. Amazon (AMZN) reports first-quarter results on May 1. Bank of America expects a strong quarter, projecting sales/EBIT of $155.5 billion/$17.8 billion, slightly above consensus estimates. Street projections for North America sales growth stand at 7% year-over-year, which is a slowdown of three percentage points compared to the previous quarter.