MicroStrategy ( NASDAQ: MSTR ) Q1 earnings and revenue both topped consensus estimates and rose from the year before as the Michael Saylor-led company's digital asset impairment losses eased markedly. "The conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature," said President and CEO Phong Le. Bitcoin ( BTC-USD ) had a strong start to the year, surging 71.4% in Q1, but still down some 60% from its November 2021 all-time high. Q1 adjusted EPS of $30.59, smashing the average analyst estimate of $0.27, jumped from -$21.93 in the previous quarter and from -$10.42 a year ago. Revenue of $121.9M, exceeding the $119.0M consensus, slipped from $132.6M in Q4 2022 and from $119.3M in Q1 2022. MSTR gained 2.1% in after-hours trading. Digital asset impairment losses were $18.9M, down from $197.6M in Q4 2022 and from $170.1M in the year-earlier quarter. operating expenses, in turn, slumped to $114.3M from $299.6M in Q4 2022 and from $263.56M a year before. As of March 31, the carrying value of MSTR's ~140K bitcoin ( BTC-USD ) stash was $2.0B, reflecting cumulative impairment losses of $2.17B since acquisition and an average carrying amount per BTC of around $14,289. The original cost basis and market value of its BTC were $4.172B and $3.986B, respectively, which reflects an average cost per BTC of ~$29,803 and a market price per BTC of $28,468, respectively. More on MicroStrategy MicroStrategy Non-GAAP EPS of $30.59 beats by $30.32, revenue of $121.62M beats by $2.58M MicroStrategy: Crypto's Winter Might Be Warming Up MicroStategy: Closing Your Eyes And Praying Is Not An Investment Strategy
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