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This study examined the impact of COVID-19 on earnings performance, post-pandemic recovery, and earnings persistence across four U.S. industries: airlines, hotels, pharmaceutical manufacturing, and communications equipment manufacturing. Using quarterly data from 2018–2023, earnings were compared across pre-COVID, COVID-19, and post-COVID periods. Results showed that airlines and hotels experienced significant earnings declines during the pandemic, although hotels recovered more quickly afterward. Pharmaceutical and communications equipment manufacturing industries remained stable. Earnings persistence increased significantly only in the hotel industry during the pandemic. Overall, the findings suggest that industry characteristics influence earnings changes, recovery speed, and earnings stability during economic crises.
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Kong et al. (2026) studied this question.
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