Why MicroStrategy Stock Tumbled This Week

Shares of MicroStrategy (NASDAQ: MSTR), a technology company that's betting big on popular cryptocurrency Bitcoin (CRYPTO: BTC), tumbled this week. MicroStrategy stock was sitting at $640 per share as of Thursday's close -- roughly 10% lower than where it started the week. And the reason is quite simple: Bitcoin itself is down almost that much during this time.

MicroStrategy is a business data analytics software company, and in the conference call to discuss second-quarter results, management shared progress with the business. Q2 revenue was up 13% year over year thanks to some new customer wins. And revenue was also up 6% from results two years ago -- it's best growth in six years.

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Source Fool.com