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By the end of next year, corporate earnings may have recovered from the anticipated pandemic-induced slump — at least if analysts are right.

What's going on: EPS forecasts for this year have plunged to $128 per share from the $161 expected before the pandemic hit, according to FactSet.

Within the last month, earnings expectations for next year have remained steady. Meantime, expectations for 2o22 have actually edged higher within that same time period.

  • Projections for both are still way below where they were at the beginning of 2020 when it looked as though the economy would continue to hum along.

The bottom line: Prospects of a V-shaped recovery are all but dead — except (so far) in the eyes of analysts projecting S&P 500 EPS.

  • “Analysts are expecting a ‘V’ shaped recovery in corporate earnings, and Q2 is supposed to be the nadir,” Nicholas Colas, co-founder of DataTrek Research, said in a note this week.

Go deeper: Corporate debt issuance has already topped $1 trillion in 2020

Go deeper

Zoom crushes Q2 analyst expectations amid pandemic

Illustration: Rebecca Zisser/Axios

Zoom's stock price is up nearly 10% in after-hours trading after the vide0-chat company posted Q2 results well above analyst expectations and raised its full-year guidance.

Why it matters: Zoom is unquestionably one of the biggest winners of the ongoing pandemic as restrictions on in-person interactions have forced many around the world to shift nearly all personal and professional activities online.

1 hour ago - Health

Pfizer says COVID vaccine over 90% effective in kids

A health care worker preparing a Pfizer-BioNTech coronavirus vaccine dose in New York City on Oct. 21. Photo: Michael M. Santiago/Getty Images

Pfizer and BioNTech said their COVID-19 vaccine was more than 90% effective at protecting children between the ages of 5 and 11 from symptomatic infections from the virus, according to a study posted online by the Food and Drug Administration Friday.

Why it matters: Pfizer is seeking an emergency use authorization to vaccinate children — one of the last groups of Americans still largely ineligible to receive a coronavirus vaccine.

Changing the inflation conversation

Illustration: Annelise Capossela/Axios

Inflation looks like it’ll run hot for longer than plenty of smart people thought it would. The conversation over just how much more Americans will have to pay for their stuff has taken on a new intensity, as supply problems show few signs of fading.

Why it matters: The rate of price growth has remained consistently strong in recent months — a time that some thought would bring cooling prices after an initial reopening spike. What goes on with prices will influence the decisions made by Congress, the Biden Administration, and the Federal Reserve.