After the business intelligence platform MicroStrategy turned from loss to profit for the first time since 2020, it reiterated its adherence to its investment strategy for Bitcoin and stated that it will continue to buy Bitcoin.
The company, founded by Michael Saylor, swung to a $94 million profit in the first quarter, largely due to a one-time $453.2 million income tax benefit. In addition to tax incentives, the company reported revenue of $121.9 million last quarter, up 2.2 percent from a year earlier.
MicroStrategy CEO Phong Lee said in a May 1 statement that the firm’s belief in Bitcoin’s investment strategy is stronger than ever. He said:
As the digital asset environment continues to mature, our Bitcoin strategy belief remains strong. We maintain cost discipline while investing in growth, and will continue to execute our dual strategy: continue to grow the business intelligence software business, and buy bitcoin for the future.
Phong Lee also emphasized that this “dual business” has not been affected by the short-term price of Bitcoin.
Since @MicroStrategy adopted a #Bitcoin Strategy: pic.twitter.com/rrYTbvOkUS
— Michael Saylor⚡️ (@saylor) May 1, 2023
