Why Shares of MicroStrategy Cratered Today
Shares of enterprise software provider MicroStrategy (NASDAQ: MSTR) tumbled on Friday after the company's second-quarter results badly missed analyst expectations. Both revenue and earnings fell well short of estimates, sending the stock down 25% by 11:50 a.m. EDT.
MicroStrategy reported second-quarter revenue of $120.6 million, down 2.1% year over year and about $4.6 million below the average analyst estimate. Product licenses and subscription services revenue dropped 12.1% to $27.5 million, while product support revenue fell 1% to $70.8 million and other services revenue rose 9.4% to $22.4 million.
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Source: Fool.com
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