New York | Wall Street is bracing for large US companies to report a decline in quarterly profits even after raking in higher revenues, something that has not happened in more than a decade.

S&P 500 companies due to report in the coming weeks face tough comparisons with last year, when the US tax code overhaul helped boost profits by more than 20 per cent. But with rising costs, some resulting from tariffs, analysts see profit margins shrinking by 1.1 percentage point, the first year-on-year decline in at least two years, IBES data from Refinitiv showed.

Reuters