At the halfway mark of the Australian profit reporting season, Goldman Sachs released a report analyzing the results so far. They conclude that there is no more bad news than normal but there are far fewer positive surprises. At the time of the report, 92 ASX 200 firms had reported earnings (48% by number due to report, and 70% by market capitalisation). Given that consensus earnings expectations were already at their lowest level since the GFC, GS was not expecting a large number of earnings misses despite the softer macro environment. So far this has been the case, with 30% of companies missing consensus estimates for both revenue and EPS, which is in-line with the average of the past 20 reporting seasons.