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Gungun Bhatia
Nov 2, 2022
by Gungun Bhatia

MicroStrategy CEO Restated Long-Term Bitcoin Position in Q3 Results

MicroStrategy Bitcoin

Table of contents

  1. MicroStrategy to Incurr Losses
  2. Report of Adjusted Profits Per Share Losses
MicroStrategy, a business analytics company, reported third-quarter earnings that indicated a significant loss of $27.1 million while continuing to expand its Bitcoin holdings despite the difficult cryptocurrency market circumstances.

After Q3 2022, the most prominent publicly-traded business owner of Bitcoin announced that it will still have 130,000 BTC. It claims that this sum was purchased for almost $4 billion, or $30,639 per BTC. Due to constant Bitcoin prices over the previous quarter, the business declared valuation adjustments for the quarter of $727,000 on November 1 in contrast to the $917.8 million it reported in the q2 of 2022 or the $65 million for a similar period last year.

MicroStrategy to Incurr Losses

According to MicroStrategy, the company incurred cumulative impairment losses of almost $2 billion as of September 30. An impairment charge is an accounting phrase used by corporations to represent a decrease in the value of owned assets.

Phong Le, president and CEO of MicroStrategy, reaffirmed the company's long-term holding plan in a quarterly report.  He stated that the goal is to buy and retain Bitcoin for a long time to restate the approach. Additionally, they have no immediate plans to sell bitcoin. The short-term changes in the price of bitcoin have no bearing on the long-term outlook.

Report of Adjusted Profits Per Share Losses

MicroStrategy reported adjusted profits per share deficits of $0.96, as opposed to expert projections of a loss of $0.94, while sales of $125.4 million were above expectations by just 0.05%.

For the first and second quarters of the previous year, the company's revenues totaled $119.3 and $122.1 million, respectively. The company's subscription services, which have grown by 51% year over year and now account for $16.4 million of its Q3 sales, are MicroStrategy's speediest revenue stream.

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MicroStrategy CEO Restated Long-Term Bitcoin Position in Q3 Results
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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