MicroStrategy Q2 Earnings Highlights: Revenue Miss, EPS Beat, Updates On Bitcoin Holdings, Average Cost Per BTC
Portfolio Pulse from Chris Katje
MicroStrategy Inc reported Q2 revenue of $120.4 million, down 1% YoY, missing the Street consensus estimate of $126.3 million. However, it beat the earnings per share estimate with $2.35 against the expected 71 cents. The company also reported acquiring 12,800 Bitcoins since Q1, spending $361.4 million. The company now holds 152,800 Bitcoins, having spent a total of $4.53 billion. MicroStrategy shares are down slightly to $433.64 in after-hours trading.
August 04, 2023 | 10:31 am
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POSITIVE IMPACT
MicroStrategy reported acquiring 12,800 Bitcoins since Q1, spending $361.4 million. The company now holds 152,800 Bitcoins.
MicroStrategy's continued acquisition of Bitcoin signals strong institutional support for the cryptocurrency, which could have a positive short-term impact on its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
MicroStrategy's Q2 revenue missed estimates but beat EPS expectations. The company also reported significant Bitcoin acquisitions.
The mixed Q2 results with a revenue miss but EPS beat could lead to neutral short-term impact on the stock. The significant increase in Bitcoin holdings could be seen as a positive by some investors but also adds risk due to the volatility of Bitcoin.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100