MicroStrategy, a business intelligence application software provider, revealed a report of its financial results for the fourth quarter of 2022. Unfortunately, the company has suffered eight consecutive quarterly losses, with a net loss of $249.7 million in the fourth quarter of the fiscal year 2022, which is significant compared to a loss of $90 million in the fourth quarter of the fiscal year 2021.
MicroStrategy is better known in recent years for being the largest public holder of Bitcoin. The analysts expected $10.7 million in net income, which could have been the only quarterly profit following the fourth quarter of 2020.
According to the company, it has suffered a net loss due to digital asset impairment charges of $197.6 million after writing down Bitcoin’s value, and the BTC price has dropped over the period. However, the company sold 704 Bitcoins in the fourth quarter, resulting in gains of $0.9 million.
So, altogether, MicroStrategy surged its Bitcoin holdings from 130,000 to 132,500, with a value of $1.8 billion at the end of the last year, stated Andrew Kang, Chief Financial Officer, MicroStrategy.
He also stated that their corporate strategy and belief in holding, acquiring, and advancing their Bitcoin position have not changed. Since they observed foreign currency headwinds last year, they have moved towards higher-quality, recurring revenues with scalable cloud businesses.
Co-founder and Executive Chairman Michael Saylor tweeted earlier that their public profile has raised after purchasing Bitcoin. Saylor had withdrawn from his CEO position in August to look out for the company’s Bitcoin strategy and similar Bitcoin endorsements.
