While not knowing so much about the markets as some of you, I certainly know about business.
Although revenues may be a good indicator of market/share price performance, they are not all that for profitability.
The use of non-GAAP is disturbing, and is a scam, as Igy points out--but hey, as long as it is disclosed, then it's buyer beware. We are all adults.
Expenses have been all over the place, depending on industry sector. Look at fuel-heavy industries like airlines, their fuel costs are WAY down...but look at other costs that are universal, like health care, and you will see they are WAY up. Borrowing costs are still very low, so business structuring matters.
(As an aside, can somebody here compare 2015 airline performance to 2015 energy performance?)
Businesses have been not only doing scams like non-GAAP and buybacks, they have also been getting leaner, by trimming benefits, by sending employees to health care exchanges, by eliminating positions, and by switching to contractors rather than employees. Unfortunately they are also nickel-and-diming, and are being penny-wise and pound-foolish by not spending on things like infrastructure, R&D, and business capital (especially human capital).
So it's difficult to see where the truth lies, regarding profitability. The fact that revenues are down means nothing substantive in and of itself--for instance, it could be the result of a business shedding a less profitable, or a losing, division, line, or product.
Without getting into the internal operations and operational characteristics of any particular business, I think it is worthwhile to pay attention to obvious devices like non-GAAP and buybacks, as well as things like fuel requirements, basic product/service, and staffing requirements.
If you're looking at individual stocks, that is. BTW it is because I know a lot about business that I do not look at individual stocks!