MicroStrategy’s third-quarter revenue misses expectations

by Coinworldstory

Business intelligence software provider MicroStrategy is the world’s largest listed company holding bitcoin. According to the latest financial report released earlier , in the third quarter ended September 30, MicroStrategy’s revenue was not as good as expected, and it reported a decline in the company’s bitcoin holdings. The value loss was $727,000.

MicroStrategy’s third-quarter bitcoin impairment loss was also down significantly from the previous quarter’s $918 million, as bitcoin prices have been roughly flat over the past three months.

The third quarter was Phong Le’s first quarter as CEO, with Michael Saylor announcing his resignation in August this year , but remaining as executive chairman of the board.

Although there are changes at the top of the company, MicroStrategy’s Bitcoin strategy remains unchanged. From August 2 to September 19, it spent $6 million to purchase  301 Bitcoins. So far, MicroStrategy has accumulated a total of nearly 130,000. Bitcoins.

The company reported that the raw cost and market value of Bitcoin held by MicroStrategy were $3.983 billion and $2.532 billion, respectively, as of Sept. 30.

Overall, MicroStrategy posted an adjusted loss of 96 cents per share in the third quarter, compared with analysts’ consensus forecast for a loss of 15 cents, on revenue of $125.4 million, missing analysts’ expectations of $127.2 million.

Shares of MicroStrategy rose about 2.3 percent to $263 following the results. Shares of the company have fallen about 51% so far this year, while bitcoin has fallen about 56% over the same period.

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