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MicroStrategy stock down as firm reports significant Q1 earnings miss

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MicroStrategy stock down as firm reports significant Q1 earnings miss

Shares of MicroStrategy fell 3% in after-hours trading Monday after the company missed Wall Street’s expectations for the fiscal Q1 2024 earnings and revenue.

Since the end of the fourth quarter, MicroStrategy said it has purchased 25,250 bitcoins for $1.65 billion, averaging $65,232 per bitcoin. “As the world’s first Bitcoin Development Company, MicroStrategy is committed to the continued development of the bitcoin network through our activities in the financial markets, advocacy and technology innovation,” said Phong Le, President and CEO of MicroStrategy.

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