MicroStrategy stock down as firm reports significant earnings miss in Q1 2024

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MicroStrategy stock down as firm reports significant earnings miss in Q1 2024
Credit: © Reuters.

Shares of MicroStrategy (MSTR) fell 3% in after-hours trading Monday after the company missed Wall Street’s expectations for the fiscal Q1 2024 earnings and revenue.

Specifically, the business intelligence firm posted a Q1 loss per share of $8.26, considerably higher than the loss per share of $0.58 that analysts expected. Revenue came in at $115.25 million, also below the expected $121.72 million.

Since the end of the fourth quarter, MicroStrategy said it has purchased 25,250 bitcoins for $1.65 billion, averaging $65,232 per bitcoin.

As of April 26, 2024, the company holds a total of 214,400 bitcoins, acquired at an average price of $35,180 each, it 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,” said Phong Le, President and CEO of MicroStrategy.

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,” he added.

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