MicroStrategy said co- founder Michael Saylor will no longer serve as chief executive officer and will assume the role of executive chairman as the enterprise-software maker reported a second-quarter loss of about $1 billion.
The Tysons Corner, Virginia-based company's balance sheet is a part of its business strategy and Saylor will focus on thecryptocurrencies acquisition strategy. The price of the digital currency was 45% lower than at the end of the previous year. The president of MicroStrategy will be the CEO.
The revenue fell to $122.10 million. Revenue was expected to be $123.25 million by analysts. In the same quarter of last year, the net loss was $299.3 million.
Saylor founded MicroStrategy in 1989.
The company said that the carrying value of the company's 129,699 Bitcoins was almost $2 billion.
In the summer of 2020, MicroStrategy started investing in the virtual currency because Saylor thought it was a good hedge against inflation.
After the market closed, shares of MicroStrategy fell. The stock is 50% lower than it was a year ago.
If you sign up for the email list, you will be kept up to date with our biggest features, exclusive interviews, and investigations.
All Rights Reserved © 2024
