MicroStrategy Reports Q1 Results, Company Holds 214,400 Bitcoins

MicroStrategy Incorporated MSTR reported its first-quarter financial results after the bell Monday. Here's a look at the details. 

The Details:

MicroStrategy reported quarterly non-GAAP losses of $8.26 per share. Quarterly sales came in at $115.2 million which missed the analyst consensus estimate of $121.725 million by 5.36% and represents a 5.51% decrease year-over-year. The company now holds 214,400 bitcoins.

As of March 31, 2024, the carrying value of MicroStrategy’s digital assets (comprised of approximately 214,278 bitcoins) was $5.074 billion, which reflects cumulative impairment losses of $2.461 billion since acquisition and an average carrying amount per bitcoin of approximately $23,680. The original cost basis and market value of the company’s bitcoin were $7.535 billion and $15.220 billion, respectively, which reflects an average cost per bitcoin of approximately $35,164 and a market price per bitcoin of $71,028.14, respectively.

“As the world’s first Bitcoin Development Company, MicroStrategy is committed to the continued development of the bitcoin network through our activities in the financial markets, advocacy and technology innovation,” said Andrew Kang, CFO of MicroStrategy.

“It is through our unique bitcoin strategy and solid track record as an operating company that we now hold 214,400 bitcoins at an average purchase price of $35,180 per bitcoin. In the first quarter, our subscription services revenues and subscription billings both grew again at double-digit growth rates reflecting the continued successful transition of our software business to a cloud-native platform. We are very pleased with the continued global adoption of our cloud platform,” Kang added.

Related News: What’s Going On With Super Micro Computer Stock Ahead Of Earnings?

MSTR Price Action: According to Benzinga Pro, MicroStrategy shares are down 2.78% after-hours at $1,257.00 at the time of publication Monday.

Image: Master Tux from Pixabay