Why Bitcoin-Related Stock MicroStrategy Is Sliding After Hours

MicroStrategy Inc MSTR shares are trading lower in Tuesday’s after-hours session after the company announced its first-quarter financial results. 

MicroStrategy said first-quarter revenue decreased 2.9% year-over-year to $119.3 million, which came in below the $127.22 million estimate, according to data from Benzinga Pro. The company reported an adjusted net loss of $117.62 million and an adjusted net loss per share of $(10.42), which was worse than the net loss of $(12.94) per share in the prior year’s quarter. GAAP net loss was $130.8 million or $(11.58) per share

At the end of the quarter, MicroStrategy held approximately 129,218 Bitcoin BTC/USD, with a carrying value of around $2.896 billion. The original cost basis and market value of MicroStrategy’s bitcoin were $3.967 billion and $5.893 billion, respectively, which reflects an average cost per bitcoin of approximately $30,700 and a market price per bitcoin of $45,602.79, respectively.

MicroStrategy also announced that it appointed Andrew Kang to chief financial officer, effective as of his start date, which is expected to be on or about May 9.

MicroStrategy will hold a conference call to discuss the company’s financial results beginning at 5 p.m. ET.

MSTR 52-Week Range: $307.19 - $891.37

The stock closed down 6.15% on Tuesday at $343.40. It was trading around $334 per share in after-hours.

Photo: mohamed_hassan from Pixabay.