Own Australian shares? Reporting season to bring big falls at major companies

The next few weeks may be a little volatile — even stressful — for people who own shares.It's not necessarily because we're expecting Donald Trump to make some grand announcement about "ending" another war, followed immediately by him making another threat to "destroy" Iranian civilisation.Though we can't completely rule that out, of course.Hundreds of Australian companies, including Commonwealth Bank, BHP, CSL and some of the biggest names on the ASX, will be revealing how much money they earned over the past year.You can expect to see huge swings in some of these companies' share prices, depending on whether their results exceed or miss investors' sky-high expectations.In fact, one-fifth of companies that reported their profits during the last reporting season, in February, saw their share price surge or plunge by more than 10 per cent on the day of their announcements, according to analysis by CommSec.That's a staggering figure when you consider it normally takes years for the stock market to make such gains That uncertainty in Iran has yet to be resolved."On the other hand, Ms Liu believes "some sectors might be going through a bit of issues such as the likes of our banks, but the rest of the market absolutely is going to outperform".Mr Schellbach did not mince words."From here on forward, we see a pretty tough slog for markets and the economy over the next six months."In the meantime, here's a list of ASX companies due to release their financial report in August.