by Wolf Richter
Wolf Street
“We are entering an EBITDA recession”: S&P Global Ratings.
Inflation was supposed to be good for corporate profits, according to Wall Street lore, and it was until it wasn’t – until the rising costs and falling revenues caught up with them.
Corporate profits before taxes in Q1 fell for the third quarter in a row, this time by 1.3% from Q4, after having dropped by 4.8% in Q4, and by 4.9% in Q3, according to today’s release by the Bureau of Economic Analysis.