MicroStrategy’s Q1 report highlights Bitcoin as its main focus

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  • MicroStrategy has published its revenue report for the first quarter.
  • MicroStrategy is still dedicated to Bitcoin.

MicroStrategy, a data analytics company, released its financial report for the first quarter of 2023. The report showed a net income of $461.2 million, or $31.79 per share, in comparison to a net loss of $130.8 million for the same period in 2022. The company renewed its pledge to its Bitcoin investment strategy after posting a quarterly profit for the first time since 2020.

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“MicroStrategy’s belief in their Bitcoin investment plan is still firm as the digital asset world keeps getting better”.

Lee, the CEO of MicroStrategy, said that the company’s main business is not impacted by the fluctuations in Bitcoin’s value in the short term. The revenue for the present period has increased by 2.2% compared to the same period in 2022.

During the first quarter of 2023, MicroStrategy’s revenue from product licenses and subscription services increased by 23.4% compared to the same period in 2022, totaling $36.2 million. The company owns 140,000 BTC, and BTC’s value rose by 72% during the quarter to approximately $28,300, which helped MicroStrategy turn a profit.