Latest Earnings Report From MicroStrategy
Software company MicroStrategy has released its financial results for Q2 2023, revealing its continued investment in Bitcoin. Key points include:
– MicroStrategy has purchased an additional 467 BTC, contributing to its capital allocation strategy.
– Co-founder and chairman Michael Saylor has been a vocal supporter of Bitcoin.
– As of July 31, 2023, MicroStrategy holds 152,800 bitcoins, acquired at a total cost of $4.53 billion.
Financial Performance in Q2 2023
MicroStrategy’s Chief Financial Officer, Andrew Kang, highlighted the importance of their Bitcoin holdings. Other key points include:
– Gross profit for Q2 2023 was $93.3 million.
– Operating expenses were reduced by 88.2% compared to Q2 2022.
– Digital asset impairment losses were $24.1 million, significantly lower than Q2 2022’s $917.8 million.
MicroStrategy’s Vision and Strategies
MicroStrategy outlined its two corporate strategies in its earnings report:
– Acquiring and holding Bitcoin as a store of value.
– Growing its enterprise analytics software business.
President and CEO Phong Le emphasized the company’s new MicroStrategy ONE platform and its strength in recurring revenue despite macroeconomic challenges.
Hot Take
MicroStrategy’s continued investment in Bitcoin shows its confidence in the cryptocurrency as a long-term investment. The company’s strategies to hold Bitcoin and grow its software business demonstrate its commitment to both asset diversification and innovation in the industry. With the growth of its recurring revenue and the launch of the MicroStrategy ONE platform, the company remains well-positioned for future success.
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