MicroStrategy reports quarterly loss of $249.7 million

The business analytics software company MicroStrategy said that net loss in the fourth quarter of 2022 amounted to $249.7 million.

The write-down of the company’s Bitcoin assets weighed on results as the price declined. During the period the company sold 704 BTC, but remains the owner of 132,500 BTC. The coins lost $197.6 million in value.

“Our corporate strategy and conviction in buying, holding, and expanding our position in Bitcoin in the long term remain unchanged,” said Chief Financial Officer Andrew Kang.

Market analysts had expected that the quarter would be profitable for MicroStrategy for the first time in two years.

Revenue from the core business was $132.6 million, down 1.5% year on year.

In the wake of the earnings release, MicroStrategy co-founder and former CEO Michael Saylor posted a tweet with a statement:

“Bitcoin is a mission.”

#Bitcoin is a Mission. pic.twitter.com/4uzqhCMLAw

— Michael Saylor⚡️ (@saylor) February 2, 2023

Earlier, in November 2022, Saylor confirmed the commitment of the company to a strategy of buying and accumulating the first cryptocurrency.