We've talked a lot about how BMR stocks with clear year-over-year comparisons blew away the market as a whole last quarter in terms of earnings. But it's good to take a look at top-line progress as well.
First, some closure on the quarter now that all of our companies have had their moment in the market spotlight. The fundamentals looked good going into the season and the weeks of reports and conference calls provide plenty of proof that the BMR universe is bringing in more cash than we expected. Only five of our recommendations missed our revenue targets. A different set of five missed on the bottom line. Beyond these scattered shortfalls, everything else in our portfolios can be considered a more attractive investment now than it was when the earnings season started.
There's reason to cheer. We've already discussed the way a few huge beats from Shopify (SHOP), Splunk (SPLK), Universal Display (OLED) and Equity Residential (EQR) bent the average to the point where the average BMR stock that was profitable last year has boosted its earnings per share a stunning 46%. Even factoring those four stocks out, earnings growth in our world is above 13%, which is a whole lot better than the 3% deterioration the S&P 500 as a whole had to grin and bear.
It's worth looking at revenue as well. Only eight took in less money in 2Q19 than they did in 2Q18. We ended up with 22% revenue growth across our universe, 5% above our forecast and a healthy 18% better than the S&P 500. Looking past the slow spots (mostly in Real Estate and Private Equity), our companies are expanding at a tremendous rate. That's what we like to see. Nimble executives can engineer profit growth for a little while by cutting costs and selling assets, but when the top line is rising fast, sooner or later the bottom line cooperates on its own. You just don't fret about a recession on the horizon when sales are ramping up so much faster than the economy as a whole.
What's striking about the quarter is how aggressively the market punished that growth. Some of our fastest growing stocks like Twilio (TWLO), Exact Sciences (EXAS) and Universal Display (OLED) took the brunt of the quarter, dropping 7-21% after their reports despite revenue surging 85% or more. And none of these companies are in danger of running out of cash. Twilio and Universal Display are profitable. And there weren't any warnings that the good times are over.
The narrative applies to all of the Aggressive group and most of our Technology portfolio. The numbers are good. The market rejected them all the same, apparently out of an urge to flee risk and high multiples across the board. All in all, our stocks dropped 1% after earnings despite beating the targets that supported them a few months or even weeks ago.
We can't help but notice that's roughly in line with the market as a whole this earnings season. And while the S&P 500 delivered numbers a little better than expected, we'd rather have real growth to work with. If there's a recession brewing, it's not hitting our stocks yet. On call after call, management was upbeat. They're loving what they're seeing in their world. The Fed is doing everything it can to make that story even better.
Just go through the lists. TPI Composites (TPIC) exceeded our 38% revenue growth target and is still down 30%. From a fundamental perspective, it's more attractive than it was at $25. Alteryx (AYX) with 75% revenue growth, CyberArk (CYBR) with 29% on the top line and 63% on the bottom, PayPal (PYPL) and Square (SQ) giving us everything we wanted and more . . . these stocks took a beating despite hitting all their marks. It's not them. It's Wall Street moving the goalposts.
We can wait for them to move back. These companies are the future. And in the meantime, money flowing into our more defensive recommendations keeps us comfortable. The High Yield, REIT and Special Opportunities portfolios almost uniformly rejoiced when the numbers came in better than expected. Expectations there were low and investors hunting stability are getting it there.
Just look to Apple (AAPL) as a gauge of the market's mood. Objectively, the best thing about the company's quarter was that it wasn't as grim as a lot of people thought. Earnings dropped "only" 7% instead of the 10% we expected. Revenue actually edged up 1%. And yet the stock is up 7%, regaining $1 trillion status yesterday. We're not complaining. But when the pendulum swings, a lot of our other recommendations have what it takes to rebound fast. We view this as a long-term buying opportunity. Watch for the first signs of a rebound (we'll let you know) and then strike.