MicroStrategy Inc (NASDAQ:MSTR) shares are trading higher Wednesday after the company reported third-quarter financial results.
MicroStrategy said third-quarter revenue decreased 2.1% year-over-year to $125.4 million, which missed average analyst estimates of $127.58 million, according to Benzinga Pro. The company reported a quarterly net loss of $2.39 per share, which was improved from a net loss of $3.61 per share year-over-year.
MicroStrategy owns approximately 130,000 Bitcoin (CRYPTO: BTC) after acquiring 301 additional bitcoin in the third quarter. As of Sept. 30, the current market value was $2.532 billion. MicroStrategy's average cost is approximately $30,639 per bitcoin.
Related Link: 'Most Streamlined Play' To Invest In Bitcoin Via Equity Markets: Analyst Predicts 44% Upside For MicroStrategy Stock
"We incurred a minimal bitcoin impairment charge as bitcoin prices were stable during the third quarter, and were encouraged by FASB's recent announcement of its support for fair value accounting for bitcoin," said Andrew Kang, CFO of MicroStrategy.
"If finally adopted and implemented, we believe fair value accounting will improve upon the current, unfavorable intangible accounting treatment applicable to bitcoin holdings and will promote additional institutional adoption of bitcoin as an asset class."
MSTR Price Action: MicroStrategy has a 52-week high of $576.26 and a 52-week low of $134.09.
The stock was up 2.84% at $264.49 at time of publication.
Photo: Eivind Pedersen from Pixabay.
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