How did BRFS's Q3 2023 earnings surprise impact short-term trading?

BRFS's Q3 2023 earnings surprise had a negative impact on short-term trading, as evidenced by the backtest results. The 3-Day win rate was 51.02%, the 10-Day win rate was 48.03%, and the 30-Day win rate was 43.55%, indicating that the majority of the time, the stock price declined in the short term following the earnings release. The maximum return observed was only -0.01%, which occurred on day 30, suggesting that the earnings surprise led to underperformance in the immediate aftermath of the release.