US-based software company MicroStrategy has announced its financial results for the first quarter of 2023. The company’s total revenue for the first quarter of 2023 was $121.9M, which exceeded the expectation of $119M.
Phong Le, President and Chief Executive Officer of MicroStrategy, said, “The durability of our enterprise BI platform and the depth of our existing customer base continued to act as the drivers of growth in total revenue during the first quarter of 2023. The conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature. Furthermore, we are extremely excited to return to an in-person MicroStrategy World, showcasing the competitive advantages of our MicroStrategy One platform and highlighting the key areas of product innovation that will carry MicroStrategy into the future.”
Andrew Kang, Chief Financial Officer of MicroStrategy, said, “In Q1, we strengthened our capital structure by reducing leverage by fully repaying our bitcoin-backed loan. We also continued to strategically manage our balance sheet through the addition of 7,500 bitcoin in the quarter for a total of 140,000…”
Moreover, MicroStrategy announced that it purchased an additional 1,045 Bitcoin (BTC) between March 24 and April 4 for a total of $29.3M at an average price of $28,016. MicroStrategy now holds 140,000 BTC.
