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Whisper Number


A whisper number refers to the unofficial and unpublished earnings forecasts made by professionals for a particular company’s forthcoming announcement. These numbers are typically circulated among chosen analysts and investors, and often differ from the consensus earnings estimates shared by analysts publicly. Whisper numbers can impact markets if they greatly differ from the official estimates.


The phonetics of the keyword “Whisper Number” is: /ˈwɪspər ˈnʌmbər/

Key Takeaways

  1. Whisper Number is an unofficial earnings forecast for a company, typically shared among professionals in the investment community. It’s usually differing from analysts’ published estimates, reflecting the collective expectations of a select group of investors.
  2. While not officially recognized, Whisper Numbers can influence stock prices significantly, as they might be seen as more accurate predictors of a company’s performance than officially published estimates. Investors who have access to them often make decisions based on these confidential estimates.
  3. However, Whisper Numbers should be approached with caution, as they may not always be reliable. They result from speculative discussions and may be based on biased or unreliable sources. Therefore, these numbers should be considered as supplementary to other research and not the sole basis for investment decisions.


The term ‘Whisper Number’ is significant in the field of business or finance as it is often considered a more accurate gauge of a company’s potential performance during its earnings season. These numbers, unofficial estimates or predictions of earnings made by professionals or market insiders, are typically closer to the actual results than the published analysts’ estimates. They act as an insightful tool for investors to predict the behavior of a company’s stock price. These numbers can impact a stock’s price positively or negatively, depending on whether the company’s official earnings match, exceed, or fall short of the whisper number. Consequently, understanding whisper numbers can offer investors an edge and help them make informed investment decisions.


The purpose of a whisper number is to serve as a reference point for investors and analysts to gauge how a publicly traded company may perform in its upcoming earnings announcement. These unofficial earnings estimates, prior to the official numbers, can sometimes provide more accurate insights than wallstreet forecasts as they are derived from carefully collected crowd-sourced data or are based on predictions made by insiders or those with deep understanding of the company. In many instances, this can help investors make more informed investment decisions by offering a potentially clearer picture of a company’s health based on industry trends, market conditions and the company’s performance trajectory.A whisper number indeed influences investor expectations and actions surrounding a company’s financial announcements. If the actual reported earnings immensely deviate from the whisper number, it can provoke an intense reaction from the market, causing share prices to rise or fall dramatically. Therefore, investors use these numbers to predict these swings and make investment decisions accordingly. Although, it’s important to note that while whisper numbers can be accurate, they are unofficial and based on speculation, hence, should be combined with other substantial financial information to make sound investment decisions.


1. Apple Inc.: In 2012, before the Q3 earnings call of Apple Inc., the whisper number for Apple’s per-share earnings was approximately $10.37. However, the company announced official earnings per share (EPS) of $9.32. The difference led to a drop in the share prices, as the actual earnings were considerably less than the speculative whisper number.2. General Electric Co.: In 2017, General Electric Co.’s whispered EPS was estimated to be around $0.50 while the actual EPS reported by the company was only $0.28, leading to a decline in stock value due to the mismatch between the general market expectation and actual earnings.3. Inc.: In Q3 2015, Amazon’s reported earnings beat the whisper number which lead to a surge in the company’s share value. The whisper number suggested earnings of $0.17/share; however, the company reported a much higher EPS of $0.52, thereby surpassing market expectations.

Frequently Asked Questions(FAQ)

What is a Whisper Number?

A whisper number refers to the unofficial and unpublished earnings per share (EPS) forecasts that circulate among professionals on Wall Street, in contrast to the consensus earnings estimate which is widely disseminated in the public domain.

What is the purpose of a Whisper Number?

A whisper number provides analysts, traders, and investors an inside track on what numbers are actually expected by industry insiders. They often differ from consensus numbers and can influence stock prices when the actual earnings are announced.

Where can I find a Whisper Number?

Whisper numbers are not typically made public. Instead, they are shared discreetly between professionals on Wall Street, who have close ties with a company or industry.

How does a Whisper Number affect stock prices?

If a company reports earnings that exceed the whisper number, the stock may go up. Conversely, if the earnings fall short of the whisper number, the stock can potentially fall.

Is the Whisper Number a reliable prediction of earnings?

No, a whisper number is simply an estimate and should be taken with a grain of salt. It is often used as a supplemental tool, in conjunction with other forms of analysis and the officially published EPS estimates, for making investment decisions.

How is the Whisper Number calculated?

The whisper number isn’t calculated with a formula or standard method. It’s more of a qualitative, perceptive figure that derives from insider expectations, professional hunches, and speculative discussions.

Can retail investors use Whisper Numbers?

Yes, but with caution. While some websites report so-called whisper numbers, the publicly available figures may not be as accurate or reliable as the ones shared among professionals. It also worth remembering that these are still estimates and not concrete figures.

Related Finance Terms

  • Earnings Estimate
  • Consensus Forecast
  • Quarterly Earnings Reports
  • Investor Sentiment
  • Stock Market Volatility

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