MicroStrategy Posts Quarterly Loss After Revenue Decline Despite Bitcoin Reversing Declines
MicroStrategy Inc. posted a loss in the third-quarter after revenue fell despite Bitcoin reversing months of declines during the most recent three-month period.
The net loss for the quarter ended Sept. 30 was $27.1 million, compared with $36.1 million in the year-ago period. It had a $1.1 billion loss in the second quarter. Revenue fell 2.1% to $125.4 million as product licenses revenue dropped.
The enterprise software-maker, which has been buying Bitcoin in bulk since 2020 as a hedge against inflation, has been forced to take massive writedowns this year due to the drop in value of the digital currency. Bitcoin fell almost 60% in the first half of the year before climbing about 3.7% in the most recent quarter.
Shares of Tysons Corner, Virginia-based MicroStrategy fell about 1% in post-market trading. The stock has dropped about 53% this year.
Read more on tech.hindustantimes.com
