The first-quarter earnings season is peaking at a moment when majority of the S&P 500 members are set to complete reporting by the end of this week (82.8% of the index’s total membership).

As per the latest Earnings Preview, as of Apr 28, 288 S&P 500 members representing 63.8% of the index’s total market capitalization have already reported quarterly numbers. Total earnings of these companies are up 13.7% on a year-over-year basis (76.4% of the companies beat EPS estimates) while total revenue is up 8.2% on a year-over-year basis (68.1% of the companies beat top-line estimates).

Notably, earnings and revenues growth numbers are significantly better than investors’ expectations, primarily due to robust results from Technology, Industrial Products, Basic Materials and Energy.

Overall first-quarter earnings for S&P 500 companies are anticipated to be up 11.2% from the year-ago quarter on revenues that are estimated to increase 6.2%. This would be better than the +7.4% growth in fourth-quarter earnings on +4.8% higher revenues.

We note that almost 57.4% of the total market capitalization in the technology sector has reported till now. Total earnings are up 17.7% on a year-over-year basis (80% of the companies beat EPS estimates) while total revenue is up 6.2% on a year-over-year basis (73.3% of the companies beat top-line estimates).

Earnings for the Technology sector are anticipated to be up 13.9% on the back of 6.1% higher revenues, driven by strong broad-based growth.

Here we take a look at five technology companies that are set to report their quarterly earnings on May 3:

Square Inc. (SQ Quick QuoteSQ - Free Report) looks likely to beat first-quarter 2017 estimates as it has a favorable combination of a Zacks Rank #3 (Hold) and an Earnings ESP of 12.50%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

This is because, as per our proven model, a stock needs to have both a positive Earnings ESP and a Zacks Rank #1(Strong Buy), 2 (Buy) or 3 to beat earnings. You can see the complete list of today’s Zacks #1 Rank stocks here.

We caution against stocks with a Zacks Rank #4 (Sell) or 5 (Strong Sell) going into an earnings announcement, especially when the company is seeing negative estimate revisions.
 

Notably, Square has beaten the Zacks Consensus Estimate in three of the preceding four quarters with an average positive surprise of 23.33%.

Square continues to innovate with software and services to enhance accessibility in both existing and potential markets.  The company made its first European venture in Mar 2017 with the launch of its mobile payment services in the U.K., which is prudent in our view. (Read More: Will Square Surpass Estimates this Earnings Season?)

Moreover, the company has outperformed the Zacks Internet Software industry on a year-to-date basis. While the stock has gained 36.5%, the industry increased 11%.

However, social-media giant Facebook is unlikely to beat first-quarter 2017 expectations as it has an unfavorable combination of a Zacks Rank #3 and an Earnings ESP of 0.00%. We note that Facebook’s results compared favorably with the Zacks Consensus Estimate in the trailing four quarters, resulting in an average positive surprise of 19.53%.
 

Online and mobile advertising revenues will continue to be in the spotlight in the upcoming quarterly earnings release. Facebook’s mobile ad business has become the mainstay of its advertising revenues. (Read More: Facebook to Report Q1 Earnings: What's in the Cards?)

Facebook has also outperformed the S&P 500 on a year-to-date basis. While the stock returned 32.5%, the index gained 6.7%.

Similarly, ANSYS Inc. (ANSS Quick QuoteANSS - Free Report) is unlikely to beat first-quarter 2017 estimates as it has an unfavorable combination of an Earnings ESP of -3.90% and a Zacks Rank #4 (Sell). Notably, results have beaten the Zacks Consensus Estimate in all the preceding four quarters. It has an average four-quarter positive surprise of 3.36%.
 

For first-quarter fiscal 2017, ANSYS expects non-GAAP earnings in the range of 81–85 cents per share. The company expects to incur additional charges of $10–$15 million ($7–$11 million, net of tax), primarily in the quarter, related to additional realignment charges. Net revenue is anticipated in the range of $237–$246 million.

We note that shares have gained 19.9% on a year-to-date basis, much better than the Zacks Computer Software industry’s rise of 14.3%.

CGI Group Inc. (GIB Quick QuoteGIB - Free Report) too is unlikely to beat second-quarter 2017 estimates as it has an unfavorable combination of an Earnings ESP of -1.43% and a Zacks Rank #4. Notably, results have missed the Zacks Consensus Estimate in three of the trailing four quarters. It has an average four-quarter negative surprise of 1.49%.
 

We note that shares have gained 1.2% on a year-to-date basis, underperforming the Zacks Computer Services industry’s rise of 4.8%.

CDW Corp (CDW Quick QuoteCDW - Free Report) is unlikely to beat fourth-quarter 2017 estimates as it has an unfavorable combination of an Earnings ESP of +1.41% and a Zacks Rank #5. Notably, results have beaten the Zacks Consensus Estimate in all the preceding four quarters. It has an average four-quarter positive surprise of 5.85%.
 

We note that shares have gained 13.8% on a year-to-date basis, outpacing the Zacks IT Services industry’s rise of 7.1%.

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