Why MicroStrategy Stock Jumped Today
Shares of MicroStrategy (NASDAQ: MSTR) rose on Wednesday after the enterprise analytics software provider reported its second-quarter results. Despite missing analyst estimates for both revenue and adjusted earnings, the stock was up 11.3% at 11:45 a.m. EDT.
MicroStrategy reported second-quarter revenue of $117.7 million, down 2.4% year over year and about $2.9 million below the average analyst estimate. Adjusted for currency, revenue was up 0.4% year over year. Product license revenue grew 4.3% to $20.1 million; subscription services revenue slumped 6.3% to $7.1 million; product support revenue declined 0.9% to $73 million; and other services revenue dropped 12.5% to $17.5 million.
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