What caused ASX's EPS surprises in 2023?

The EPS surprises for ASX in 2023 were primarily driven by the following factors: 1. **Oppenheimer Asset Management's Holdings Decrease**: Oppenheimer Asset Management Inc., a significant financial management firm, reduced its holdings in ASX by 36.9% during the fourth quarter of the fiscal year 2023. This strategic move by a major investor could have influenced the company's stock performance and contributed to the EPS surprises. 2. **Lower-than-Expected Revenue**: ASX reported revenue that was below analyst expectations, with a revenue of approximately $4.24 billion for the first quarter of 2024, which was 3.79% less than the estimated $4.41 billion. This discrepancy in revenue could have led to unexpected earnings per share (EPS) figures. 3. **Cost Management**: Despite the challenges in revenue, ASX managed to maintain a gross profit margin of 16.4% in Q4, reflecting effective cost management. However, the net income for the quarter was TWD 9.3 billion, which was a decrease from the previous quarter's TWD 10.1 billion. This indicates that while the company was managing costs, it was not enough to prevent a decline in net income, potentially affecting the EPS. In conclusion, the EPS surprises for ASX in 2023 were likely a result of a combination of factors including Oppenheimer Asset Management's holdings decrease, lower-than-expected revenue and effective cost management.