How did JOYY's Q4 earnings surprise impact investor sentiment?

JOYY's Q4 earnings report had a positive impact on investor sentiment, as evidenced by several key indicators:

1. **Earnings Per Share (EPS) Surprise**: JOYY reported an EPS of $1.01 for Q4 2023, which exceeded analysts' estimates of 77 cents per share. This positive surprise indicates that the company's performance for the quarter was better than anticipated, contributing to a favorable sentiment.
2. **Revenue Beat**: The company's revenue for the quarter was $569.84 million, surpassing the analyst estimate of $558.30 million by 2.07%. This revenue beat further bolstered investor confidence, as it demonstrated JOYY's ability to generate higher revenues than expected.
3. **Dividend Announcement**: JOYY's declaration of a quarterly dividend of $0.93 per share, with an annualized dividend of $3.72 and a yield of 8.86%, may have also positively influenced investor sentiment. Dividend payments are often viewed favorably by investors as they can provide a steady stream of income.
4. **Analyst Ratings and Price Target Adjustments**: Following the earnings release, analysts at JPMorgan Chase & Co. increased JOYY's price target to $35.00, indicating a more positive outlook on the stock. Similarly, Jefferies analyst Thomas Chong lifted the price target to $57.10, maintaining a "Buy" rating, which suggests confidence in JOYY's future performance.
5. **Institutional Investor Activity**: There were mixed signals from institutional investors. While Cubist Systematic Strategies LLC lowered its holdings by 88.5% in Q2, other institutional investors such as Atlas Capital Advisors LLC and Blue Trust Inc. increased their positions in JOYY. The fact that some institutional investors were adding to their stakes can be interpreted as a sign of confidence in the company's prospects.

Overall, JOYY's Q4 earnings report, with its EPS and revenue beats, contributed to a positive sentiment among investors. The company's dividend announcement and subsequent analyst rating upgrades further supported this sentiment. However, the mixed actions of institutional investors suggest that while some may be optimistic about JOYY's future, others may have concerns.