MicroStrategy Q3 Earnings Highlights: Revenue Beat, Bitcoin Holdings Update And Average Cost Per BTC

Software company and Bitcoin BTC/USD holder MicroStrategy Inc MSTR reported third-quarter financial results after the market close Wednesday.

Here are the key highlights.

What Happened: MicroStrategy reported third-quarter revenue of $129.5 million, which was up 3% year-over-year. The revenue total beat a Street consensus estimate of $126.38 million, according to data from Benzinga Pro.

Product licenses and subscription services revenue totaled $45 million in the third quarter, up 16.3% year-over-year. Product support revenues were $66.9 million in the third quarter, up 1.3% year-over-year.

Software licenses revenue was $45 million in the third quarter, up 16% year-over-year. Subscription services revenue was $21 million in the third quarter, up 28% year-over-year.

The company reported a loss of $8.98 per share compared to a loss of 96 cents per share in last year's third quarter.

"The business intelligence industry stands at the forefront of innovation with the integration of AI-capabilities and MicroStrategy was first-to-market with our inaugural MicroStrategy AI software released in the third quarter, which leverages Microsoft Azure OpenAI," MicroStrategy CEO Phong Le said.

Le said MicroStrategy is "well situated" to take advantages of tailwinds in the business intelligence sector.

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Bitcoin Update: MicroStrategy said it acquired 6,067 Bitcoin since the end of the second quarter. The Bitcoin were purchased for $167 million, or $27,531 per BTC.

As of Oct. 31, MicroStrategy has total Bitcoin holdings of 158,400. The Bitcoin have a purchase cost of $4.69 billion or $29,586 per Bitcoin.

"Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption," MicroStrategy Chief Financial Officer Andrew Kang said.

MSTR Price Action: MicroStrategy shares were trading at $430 after-hours Wednesday versus a 52-week trading range of $132.56 to $475.09.

Read Next: MicroStrategy Buys More Bitcoin In September

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