MicroStrategy stock slips on Q1 bitcoin losses, elevated expenses

MicroStrategy (NASDAQ:MSTR) shares have extended losses by as much as 1.3% in afterhours trading Tuesday as worse-than-expected Q1 earnings reflected an overall net loss as well as bitcoin (BTC-USD) impairment charges. Q1 revenue of $119.28M fell short of the average analyst estimate of $126.23M and declined from $122.9M in Q1 2021. Product support revenue of $67.2M edged down from $70.65M in Q1 2021. Q1 operating expenses were $263.56M vs. $283.51M in the year-ago period. Digital asset impairment losses of $170.1M in Q1 compared with $194.1M in Q1 of last year. Overall, gross profit of $93.6M fell from $100.4M in Q1 a year ago. Adjusted loss per share of $10.42 also missed the consensus of -$2.10 and improved a bit from -$12.94 in Q1 2021. Digital assets held on its balance sheet totaled $2.9B in Q1, up slightly from $2.85B in the year-ago quarter. “We also furthered our position as the leading public company