International software solutions firm MicroStrategy has released its first-quarter revenue report. Revenue is up marginally, and the company remains committed to Bitcoin.
On May 1, MicroStrategy announced its financials for the first three months of 2023. The firm revealed that it had a net income for the first quarter of $461.2 million, or $31.79 per share on a diluted basis. Comparatively, it had a net loss of $130.8 million for the first quarter of 2022.
MicroStrategy Committed to Bitcoin
The total revenue for the period was $121.9 million, a 2.2% increase compared to the first quarter of 2022. Furthermore, product licenses and subscription services revenues for the first quarter were $36.2 million, a 23.4% increase over the same period in 2022.
However, there was a slight decline in product support revenues and other service revenues, it noted.
MicroStrategy President and Chief Executive Officer Phong Le commented that the durability of its enterprise Business Intelligence platform and the depth of its existing customer base continued to drive growth. He added that the firm was still committed to Bitcoin:
“The conviction in our Bitcoin strategy remains strong as the digital asset environment continues to mature.”
Moreover, the world’s largest digital asset gained 70% over the first quarter of 2023.
The firm’s Chief Financial Officer, Andrew Kang, explained that MicroStrategy strengthened its capital structure by reducing leverage by fully repaying its Bitcoin-backed loan in Q1.
Furthermore, it purchased another 7,500 BTC to bring the balance to 140,000. This is valued at approximately $3.9 billion at current prices.
“Our goals for the enterprise analytics software business remain to grow our revenues and transition that business to the cloud,” he said.
In April, company founder Michael Saylor converted his corporate email address into a BTC Lightning address.
MicroStrategy stock did not react very well to the news, falling 6.37% on the day. As a result, MSTR had slipped to $310 in after-hours trading. However, the firm has had a solid year, with share prices gaining 114% since the beginning of 2023.

Bitcoin Holdings Back in The Red
According to Bitcoin Treasuries, the firm is down 7% on its BTC holdings since the aggregate cost basis value equates to $4.2 billion.
The company is the largest commercial holder of Bitcoin. However, that huge 140,000 stack is back in the red following the crypto market correction.
Bitcoin would need to return to $30,000 for MicroStrategy to be back in the black again, but company executives appear unfazed.
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MicroStrategy Incorporated, a Nasdaq-listed business intelligence, mobile software, and cryptocurrency firm, has reported a total revenue of $122 million in its first quarter financial results ended March 31, 2021.
MicroStrategy, which is led by CEO Michael Saylor, saw a 117% increase in its total revenue in comparison to the same period of 2020. The company also reported a $10 million profit from operations, which is 276% higher than the previous year.
Commenting on the financial results, Saylor stated that he is committed to Bitcoin and that the crypto asset is a powerful tool for companies to protect their wealth and increase the value of their finances. He also added that “we remain highly confident in our ability to generate value for shareholders and will continue investing in cryptocurrency for our long term benefit.”
In addition to the financial results, the company also reported that during the quarter it invested an additional $1.14 billion of cash into Bitcoin, taking its total holdings of the cryptocurrency to 91,579 Bitcoins valued at almost $6.3 billion.
The company’s commitment to the world’s leading cryptocurrency was further highlighted by its decision to give all of its employees the option to receive their salaries in Bitcoin, which has become the first publicly traded company to do so.
MicroStrategy’s commitment to Bitcoin has paid off this quarter, with a significant increase in total revenue and profits. It is also likely to benefit the company in the long-term as it continues to invest heavily in the asset.