Why MicroStrategy Stock Is Moving Higher Today

MicroStrategy Inc MSTR shares are trading higher Tuesday after the company reported better-than-expected financial results. 

What Happened: MicroStrategy said first-quarter revenue increased 2.2% year-over-year to $121.92 million, which beat consensus estimates of $119.04 million, according to Benzinga Pro.

The company reported adjusted earnings of $30.59 per share, which was also ahead of analyst estimates.

MicroStrategy ended the first quarter with cash and equivalents of $94.3 million after adding 7,500 Bitcoin BTC/USD in the quarter. The company held approximately 140,000 bitcoin as of March 31 worth $2 billion. MicroStrategy said it also fully repaid its bitcoin-backed loan during the quarter.

"The durability of our enterprise BI platform and the depth of our existing customer base continued to act as the drivers of growth in total revenue during the first quarter of 2023. The conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature," said Phong Le, president and CEO of MicroStrategy.

Related Link: MicroStrategy Q1 Earnings Highlights: Revenue Beat, Cloud Update And How Many Bitcoin Company Holds

MSTR Price Action: MicroStrategy has a 52-week high of $410 and a 52-week low of $132.56.

The stock was up 6.8% at $328.38 at the time of writing, according to Benzinga Pro.

Photo: Gerd Altmann from Pixabay.