How did OCFT's Q2 2024 EPS surprise investors?

OneConnect Financial Technology (OCFT) reported an EPS of $0.03 for Q2 2024, which may have surprised investors for the following reasons: 1. **Significant Improvement from Previous Quarter**: This EPS of $0.03 represents a substantial improvement from the previous quarter's EPS of -$0.31. The turnaround suggests that the company's performance may have bottomed out, and investors may be pleasantly surprised by the recovery. 2. **Revenue Beat Expectations**: OCFT's revenue for the quarter was $128.31 million, surpassing analyst estimates of $117.43 million. This revenue beat could contribute to positive sentiment among investors, as it indicates the company's ability to generate income. 3. **Citigroup's Positive Outlook**: Citigroup boosted its target price on OCFT from $6.98 to $7.00 and gave the stock a “buy” rating. This positive analyst action could have reinforced investor confidence, especially given the stock's recent performance. 4. **Stock Performance Context**: OCFT's stock has experienced fluctuations, with a 52-week low of $1.75 and a 52-week high of $6.00. The current EPS of $0.03 falls within this range and may be seen as a midpoint that suggests stability or improvement. Overall, OCFT's Q2 2024 EPS of $0.03 likely surprised investors by indicating a strong recovery from the previous quarter's performance, coupled with positive revenue results and analyst optimism.