The Q1 earnings season is nearing conclusion with nearly 75% of the companies in the S&P 500 index having reported results as of May 4. With most companies posting positive surprises for both earnings and revenues, Q1 turned out to be relatively better than the overall expectations.Despite the exuberance, Q1 is widely expected to be the fourth consecutive quarter to report an earnings decline for the benchmark index. Per the latest Earnings Trend Report, overall Q1 earnings for the S&P 500 companies are expected to be down 7.1% on a 1.1% decline in revenues.The likely dismal earnings performance is not attributable to the inherent weakness of the Energy sector alone. Rather, about 8 of the 16 sectors are expected to witness an earnings decline in the quarter under review, with Oil/Energy, Basic Materials, Industrial Products, and Conglomerates being the most notable.Among the Outsourcing stocks slated to report next week, let’s have a sneak peek at two industry players to see how things are shaping up for the upcoming quarterly results.Convergys Corporation CVG will report first-quarter 2016 results after the closing bell on May 9. For the impending quarter, this Zacks Rank #3 (Hold) stock has an Earnings ESP of 0.00% as both the Zacks Consensus Estimate and Most Accurate estimate are pegged at 46 cents. Our proven model does not conclusively show that Convergys is likely to beat earnings this quarter. This is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), #2 (Buy) or #3 for an earnings beat.TeleTech Holdings Inc. TTEC is scheduled to report first-quarter 2016 results after the closing bell on May 9. For the soon-to-be-reported quarter, the Most Accurate Estimate for this Zacks Rank #5 (Strong Sell) stock is pegged at 35 cents – slightly lower than the Zacks Consensus Estimate of 36 cents, resulting in an Earnings ESP of -2.78%. We caution against stocks with a Zacks Rank #4 or #5 (Sell-rated stocks) going into the earnings announcement, especially when the company is seeing a negative estimate revisions.Stay tuned to find out whether the upcoming earnings releases have any surprises in store for you.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CONVERGYS CORP (CVG): Free Stock Analysis Report TELETECH HLDGS (TTEC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research