Corporate profits tanked

The US economy shrank in during the first three months of 2015.

According a new report from the Bureau of Economic Analysis, Q1 GDP fell by 0.7%.

That same report revealed that US corporate profits plunged 8.7% during the period.

"Corporate profits fell victim to three factors: slow growth, strong dollar and falling energy prices," tweeted Bloomberg economist Carl Riccadonna. "Q2 looks only 'somewhat' better."

Here's a chart from Reuters' Jamie McGeever showing quarterly corporate profit growth.

@ReutersJamie