Bitcoin Continues to Be the Prime Focus for MicroStrategy, Q1 Report Shows
- The first-quarter revenue report from MicroStrategy has been released.
- MicroStrategy is still committed to Bitcoin.
MicroStrategy, the enterprise analytics platform disclosed its financial results for the first quarter of 2023. The company stated that its net income for the first quarter was $461.2 million, or $31.79 per diluted share. Comparatively, it reported a net loss of $130.8 million in the first quarter of 2022. MicroStrategy renewed its commitment to its Bitcoin investment plan following the achievement of its first quarterly profit since 2020.
“The conviction in our Bitcoin strategy remains strong as the digital asset environment continues to mature.”
Also, Lee highlighted that the company’s “core business” is unaffected by short-term BTC price changes. Comparing the first quarter of 2022 to the present period, the total revenue was $121.9 million, a 2.2% improvement.
Likewise, the first quarter’s revenues from product licenses and subscription services were $36.2 million, a 23.4% increase over the corresponding period in 2022. At present, the company owns 140,000 BTC. BTC managed to rise by 72% over the first quarter to around $28,300, which coincides with the company turning a profit.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
