MicroStrategy Q2 earnings exceed consensus as bitcoin losses ease Y/Y (NASDAQ:MSTR)
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MicroStrategy (NASDAQ:MSTR) on Tuesday delivered Q2 earnings that surpassed the average analyst estimate as the company’s bitcoin (BTC-USD) impairment losses eased from a year ago.
Q2 adjusted EPS of $2.35, flying past the $0.67 Wall Street consensus, compared with $30.59 in Q1 and -$92.81 a year before.
Revenue of $120.4M, vs. $124.7M expected, slipped from $121.6M in the prior quarter and from $122.1M in Q1 of last year.
MSTR dipped 1.4% in after-hours trading.
Operating expenses totaled $120.0M rose from $114.3M in Q1 and fell from $1.01B in the year-earlier period.
Digital asset impairment losses of $24.1M vs. $18.9M in Q1 and $917.8M in Q2 2022.
The company’s bitcoin (BTC-USD) holdings advanced to 152.8K tokens as of July 31, 2023, with the addition in Q2 of 12,333 BTC marking the largest increase in a single quarter since Q2 2021, said CFO Andrew Kang.
As of June 30, the carrying value of MSTR’s bitcoin (BTC-USD) stash was $2.323B, reflecting cumulative impairment losses of $2.196B since acquisition and an average carrying amount per bitcoin of approximately $15,251.
Conference call at 5:00 p.m. ET.
Earlier, MicroStrategy Non-GAAP EPS of $2.35 beats by $1.68, revenue of $120.4M misses by $4.3M.