As of Feb. 29 with 313 companies having reported, 50.2% posted a beat, according to a CNBC analysis of FactSet data.
This was the smallest percentage of beats — thus the worst earnings season — since the first quarter of 2020 when the pandemic first hit European firms.
Share buyback bonanzaSharon Bell, a senior European strategist at Goldman Sachs, told CNBC that she had noticed a new trend for European corporates during this earnings season.
"What you have seen is a lot of companies announcing buybacks," she told CNBC's "Squawk Box Europe" Tuesday.
"It is absolutely huge, you've never really seen this before in 20, 30 years, European companies pay dividends, they don't do buybacks," she said.
Persons:
—, Edward Stanford, Philippe Ferreira, Kepler Cheuvreux, Sharon Bell, Goldman Sachs, CNBC's, you've, Bell, Ferreira
Organizations:
CNBC, HSBC, L'Oreal, European Central Bank, Shell, Deutsche Bank, Novo Nordisk, UBS
Locations:
Triomphe, France, Europe, China, Ukraine, European