Why did SYK's Q2 2024 earnings fall short of expectations?

Stryker's Q2 2024 earnings fell short of expectations due to a combination of factors:

1. **Revenue Shortfall**: The actual revenue for Q2 2024 was $5.4 billion, which was slightly below the expected revenue. This shortfall, although minimal, contributed to the overall impression of earnings falling short of expectations.

2. **Earnings Per Share (EPS) Difference**: The reported EPS of $2.81 for Q2 2024 was marginally higher than the expected EPS of $2.79, as estimated by Zacks Research. This slight difference of $0.02 might not have been enough to meet all investor expectations, especially considering that Roth Capital had increased its Q2 2024 EPS estimates for Stryker, forecasting $2.91.
3. **Market Conditions and Investor Expectations**: Stryker's performance was also influenced by broader market conditions and investor expectations. The company's stock had underperformed the S&P 500's gains, although it had outperformed the S&P 500 Healthcare Sector SPDR. Investor expectations, therefore, played a role in the perceived shortfall of earnings.

In summary, Stryker's Q2 2024 earnings fell short of expectations due to a slight revenue shortfall and a slight difference in EPS, combined with broader market conditions and investor expectations.