Invesco’s (NYSE:IVZ) fourth-quarter 2022 earnings and revenue both exceeded Wall Street estimates Tuesday as net long-term outflows sank from the prior quarter as “markets showed signs of stabilization” and “our key capabilities in areas of high-client demand continue[d] to deliver organic growth,” said President and CEO Marty Flanagan.

Still, an increasingly uncertain macroeconomic backdrop weighed on investor sentiment during the quarter, hence Invesco’s (IVZ) average assets under management of $1,391.5B slid 1.7% from Q3 and -12.1% from the year-ago period.

That said, “we will continue a disciplined approach to expenses, tightly managing discretionary spend and limiting hiring to roles that are critical to support the organization and our future growth,” Flanagan added.

Q4 adjusted EPS of $0.39, beating the $0.36 average analyst estimate, rose from $0.34 in Q3 and dropped from $0.86 a year ago. Net revenue of $1.11B, surpassing the $1.08B consensus, was roughly flat from the prior quarter and retreated 19.3% from a year earlier.

IVZ stock gained 2.1% in premarket trading.

Net long-term outflows were $3.2B compared with $7.7B in Q3 and inflows of $12.5B in Q4 2021.

Operating margin of 17.0% vs. 24.2% in Q3 and 28.9% in Q4 2021.

Conference call at 9:00 a.m. ET.

Earlier, Invesco declared a quarterly dividend of $0.1875 a share.