As Q1 earnings season continues, more and more big names are starting to post their earnings results. Yesterday, tech company Qualcomm, Inc. QCOM reported impressive financial results in their fiscal 2016 second quarter. Both the top and bottom lines beat the Zacks Consensus Estimate, with adjusted earnings of $0.89 per share (excluding non-recurring items) and revenues of $5.54 billion. For Q3, Qualcomm now estimates revenues in the range of $5.2 billion-$6.0 billion and non-GAAP earnings per share in the range of $0.76-$0.86. Thursday morning saw a good amount of companies report their results before the bell. Let’s take a look. Biogen, Inc. BIIB Leading biopharmaceutical company Biogen reported Q1 earnings of $4.79 per share, surpassing the Zacks Consensus Estimate of $4.48 per share; cost control and a lower share count were leading factors in the company’s earnings beat. Revenues came in at $2.7 billion, reflecting a 7% year-over-year increase but lagging behind our consensus estimate of $2.758 billion. General Motors Company GM The leading U.S. automaker reported solid first quarter results. Adjusted earnings of $1.26 per share beat our consensus estimate of $1.01 and showed an increase of $46.5 year-over-year. Revenues came in at $37.3 billion, topping the Zacks Consensus Estimate of $34.9 billion. Under Armour UA Popular athletic and performance retailer Under Armour reported strong first quarter results, prompting management to provide an upbeat 2016 revenue outlook. Earnings of $0.04 per share beat the Zacks Consensus Estimate by a couple of cents and jumped 33.3% from the year-ago quarter. Revenues came in at $1.047.7 billion, surpassing our consensus estimate of $1.042 billion and reflecting a 30.2% year-over-year increase. Verizon Communications VZ The wireless communications company saw mixed financial results for Q1. Adjusted earnings per share came in at $1.06, falling in line with our consensus estimate. Total revenues increased 0.6% year-over-year to $32.17 billion, lagging behind the Zacks Consensus Estimate of $32.406 billion. Q1 Earnings Season Scorecard (as of 4/21/2016) Including all of this morning’s results, we now have Q1 results from 111 S&P 500 members that combined account for 26.2% of the index’s total market capitalization. Total earnings for these companies are down -7% from the same period last year on+0.8% higher revenues, with 78.4% beating EPS estimates and 58.4% coming ahead of revenue estimates. Relative to other recent periods, this is weak earnings and revenue growth from these 111 index members. But positive surprises are more numerous relative to other recent periods, both for earnings as well as revenues. The favorable trend in surprises could be interpreted to mean that estimates may have fallen too much in the run up to the start of the Q1 earnings season. Looking at Q1 as a whole, combining the actual results from the 111 S&P 500 members that have reported with estimates for the still-to-come 389 index members, total earnings are expected to be down -9.4% on -6% lower revenues – the fourth consecutive quarter of earnings declines for the index. Estimates for 2016 Q2 have started to come down, with total earnings for the S&P 500 index now expected to be down -5% from the same period last year. For a more detailed look at the Q1 earnings season, check out our weekly Earnings Trends report at this link - http://www.zacks.com/commentary/78743/is-the-earnings-picture-improving 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 QUALCOMM INC (QCOM): Free Stock Analysis Report VERIZON COMM (VZ): Free Stock Analysis Report BIOGEN INC (BIIB): Free Stock Analysis Report UNDER ARMOUR-A (UA): Free Stock Analysis Report GENERAL MOTORS (GM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research