> For the complete documentation index, see [llms.txt](https://whitepaper.after-bell.uk/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://whitepaper.after-bell.uk/market-design/earnings-markets.md). # Earnings Markets Covers markets tied to company earnings events and related outcomes. Earnings markets turn an earnings-related question into a binary outcome market. Their defining feature is that the resolution trigger is an event: the release of the relevant earnings report. ### An event-based question The source example is: > Will AAPL beat Q3 earnings? Yes represents the defined earnings outcome being met. No represents it not being met. Resolution occurs when the relevant earnings report is released. The source does not define what “beat” means. It does not specify an EPS threshold, revenue threshold, guidance measure, consensus provider, or reporting metric. Those details must be stated by any individual market definition; they should not be assumed from the example alone. ### Different from a weekly close A weekly-close market waits for a defined price at Friday 4 PM EST. An earnings market waits for an event. The market question is still binary, but the resolution condition is tied to the report rather than a weekly closing-price condition. ``` Earnings question → Yes / No trading → earnings release → outcome evaluated → resolution → redemption ``` This structure lets a participant express a view about a defined event without directly buying or selling the underlying stock token. The CLOB handles trading interest in Yes and No. USDG is the stated settlement asset, and ERC-1155 outcome tokens represent the positions. ### Resolution requires careful definition The source states that earnings markets resolve when the report is released. It does not specify a dedicated earnings-data provider, a universal earnings parser, or an automatic interpretation method. The exact handling of an earnings outcome beyond this general model is not specified in the current source. That boundary is important. The oracle and resolution system must determine the market’s stated condition before the winning outcome can redeem. Where the proposed automated verification path cannot safely resolve a market, the source permits manual administrative resolution using off-chain evidence. ### Practical role in the product Earnings often arrive after the regular equity session. This makes them central to AFTERBELL’s premise that questions continue after the bell. The product is designed to provide a Yes/No format around such questions, rather than claim that ordinary equity trading is always available when the event occurs. Liquidity remains an independent constraint. A well-defined earnings question still needs available orders for practical trading. Smart contracts are also not yet audited, regulatory clarity remains uncertain, and the product is still being developed. Earnings markets are a proposed format, not a claim that every earnings question can currently resolve automatically. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://whitepaper.after-bell.uk/market-design/earnings-markets.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.