in recent years Bitcoin (BTC) software company known for its investments in MicroStrategydespite a loss of $90 million in the same period of the previous year in the fourth quarter of 2022 net loss of $249.7 million reported.
MicroStrategy Loses in Fourth Quarter After Bitcoin (BTC) Assets Lose Value
Analysts had expected net income of $10.7 million, which would be the first quarter profit since the fourth quarter of 2020. Shares of the company fell 2.9% in market trading, according to TradingView.
Revenue was $132.6 million, compared to $134.5 million in the same quarter last year, beating analyst expectations.
MicroStrategy stated that the net loss was due to digital asset depreciation of $197.6 million.
The company said it sold 704 Bitcoins for $11.8 million in cash revenue in the fourth quarter, resulting in earnings of $0.9 million.
Overall, MicroStrategy has increased its total Bitcoin holdings from 130,000 at the end of the third quarter to 132,500 at the end of 2022, worth $1.8 billion. The company said total investment losses for its holdings were $2.2 billion.
“Our corporate strategy and belief in acquiring, holding and growing our Bitcoin position over the long term has not changed,” CFO Andrew Kang said in a statement. co-founder Michael Saylor whereas “Bitcoin is a mission” he tweeted.
#Bitcoin is a Mission. pic.twitter.com/4uzqhCMLAw
— Michael Saylor⚡️ (@saylor) February 2, 2023
Michael Saylor, former CEO of MicroStrategy, announced on Twitter in December last year that the company had received 2,500 more BTC.
At the time of MicroStrategy’s last earnings announcement, it fell nearly 65%.
*Not investment advice.
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