2024-04-29 16:11:05 ET
MicroStrategy Inc (NASDAQ: MSTR) is pushing down in extended trading on Monday after coming in shy of Street estimates for its first financial quarter.
How many Bitcoin did buy in Q1?
Shares are climbing also because the $23 billion company based out of Virginia, United States spent $1.65 billion to acquire another 25,250 bitcoins in Q1.
It now owns a total of 214,400 BTC. Andrew Kang – the finance chief of MicroStrategy Inc said in a press release today:
We believe that the combination of our operating structure, bitcoin strategy, and focus on technology innovation provides a unique opportunity for value creation for our shareholders.
The Nasdaq-listed firm reported its operational expenses about 153% higher versus a year ago in its recently concluded quarter. MicroStrategy stock has nearly tripled since its year-to-date low in late January.
MicroStrategy Q1 earnings snapshot
- Lost $53.1 million that translates to $3.09 per share
- Had $461.2 million ($37.19 a share) in net income last year
- Revenue declined 5.0% year-over-year to $115.2 million
- Consensus was 55 cents a share loss on $121.7 million in revenue
MicroStrategy saw its subscription services revenue pop 22% versus the same quarter last year to $23 million. According to its CEO Phong Le:
Our subscription services revenue growth reflects continued successful transition of our software business to a cloud-native platform. We are pleased with continued global adoption of our cloud platform.
This is a developing story. Check back in a few minutes for more updates!
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