Analyzing Sentiment in Quarterly Earnings Calls — Q1 2024

With economic and earnings data being relatively robust, it was no surprise to see sentiment on S&P 500 company earnings calls remain elevated. In fact, since we started tracking this data (Q1 2022) for this series of articles, this quarter’s overall Net Positivity score of 1.26% is the highest value yet.

Overall, in Q1 2024, the S&P 500 had a Numeric Transparency score of 2.64%, an improvement from the Q4 2023 score of 2.25% as well as the last 12 month average of 2.30%.

In Q4 2023, the S&P 500 constituents had a Language Complexity score of 12.41, slightly up from Q4’s score of 12.38, showing the language in this quarter’s earnings call transcripts was slightly more complex which may be considered as less favorable.