MicroStrategy, the software firm better known in recent years for its bet on bitcoin, reported a net loss of $249.7 million for the fourth quarter of 2022 compared to a loss of $90 million in the same period of the prior year.
ນັກວິເຄາະ had been expecting net income of $10.7 million, which would have been the first quarterly profit since the fourth quarter of 2020. The company’s shares declined 2.9% in post-market trading, according to TradingView.
Revenue exceeded analyst expectations, coming in at $132.6 million compared to $134.5 million in the same quarter last year.
ຍຸດທະສາດຈຸລະພາກ ສັງເກດເຫັນ that the net loss had been affected by digital asset impairment charges of $197.6 million, with the company writing down the value of its bitcoin as its price declined over the period. The company said it sold 704 bitcoin for cash proceeds of $11.8 million in the fourth quarter that resulted in gains of $0.9 million.
Overall, MicroStrategy increased its total bitcoin holdings to 132,500 worth $1.8 billion at the end of 2022, compared to 130,000 at the end of the third quarter. The company said cumulative impartment losses for its holdings totaled $2.2 billion.
“Our corporate strategy and conviction in acquiring, holding, and growing our bitcoin position for the long term remains unchanged,” CFO Andrew Kang said in a statement. Co-founder Michael Saylor tweeted earlier in the day that “Bitcoin is a mission.”
While bitcoin has risen 43.5% so far this year to $23,709, it declined about 65% in the period covered in MicroStrategy’s latest earnings release.
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Source: https://www.theblock.co/post/208265/microstrategy-sees-fourth-quarter-loss-after-it-writes-down-value-of-bitcoin-holdings?utm_source=rss&utm_medium=rss