MicroStrategy Incorporated (NASDAQ: MSTR) stock plummeted 7% in pre-market trading Tuesday following the release of its first-quarter earnings report, which fell short of expectations.
MicroStrategy (MSTR), a leading business intelligence firm, recently disclosed its first-quarter results for 2024.
The company reported a Q1 loss per share of $8.26, significantly higher than the anticipated loss per share of $0.58. In addition, revenue for the quarter came in at $115.25 million, below the estimated $121.72 million.
In parallel with its financial performance, MicroStrategy continued to bolster its Bitcoin holdings throughout the first quarter. Since the end of the fourth quarter, the company has acquired 25,250 bitcoins for $1.65 billion, with an average purchase price of $65,232 per bitcoin. As of April 26, 2024, the company holds 214,400 bitcoins, purchased at an average price of $35,180 each.
Andrew Kang, CFO of MicroStrategy, reiterated the company’s commitment to Bitcoin network development and financial market activities. He stated,
“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.”
Kang also highlighted MicroStrategy’s successful transition of its software business to a cloud-native platform, with subscription services revenues and subscription billings experiencing double-digit growth rates in the first quarter.
MicroStrategy (NASDAQ: MSTR) Stock Reaction
At the time of this report, MSTR stock is trading at $1201, down 7.11% over the last trading session.
