Strategy's stock price rose nearly 6% in after-hours trading after the Bitcoin treasury company announced a net income of $2.8 billion for the third quarter. Although this is a decline from the second quarter, it still exceeded analysts' expectations.
On Thursday, Strategy reported a diluted earnings per share of $8.42 for the three months ending September 30, surpassing Wall Street's expectation of $8.15.
The company's $2.8 billion revenue this quarter marked a significant increase from a loss of $340.2 million in the same period last year, but it was a decline from the record net income of $10 billion in the second quarter.
Strategy (MSTR) shares rose 5.7% in after-hours trading to over $269, after falling more than 7.5% during Thursday's trading session to $254.57, marking a new low in over six months.
Strategy is the publicly traded company with the most Bitcoin (BTC), and the cryptocurrency's more than 6.5% increase this quarter helped boost the company's revenue.
Bitcoin fell 1.7% in the past 24 hours, recovering from an intraday low of below $106,500 to $108,500.
According to StrategyTracker data, the decline in Bitcoin and Strategy's stock price has compressed its mNAV to 1.05 times, down from a peak of 3.89 times after Donald Trump's victory in the U.S. election in November.
Strategy stated that its Bitcoin yield has reached 26% year-to-date, generating $13 billion in revenue, and reiterated its full-year outlook, projecting a 30% Bitcoin yield and $24 billion in net income based on an estimated Bitcoin price of $150,000.
The company increased its holdings by 42,706 BTC in the third quarter, holding 640,031 BTC as of September 30. It continued to buy, holding 640,808 BTC as of Sunday, with an average cost of $74,032.
Related: Bitcoin (BTC) spot trading volume surpassed $300 billion in October, with traders showing a "healthy" shift.
Original: “Strategy Reports $2.8 Billion in Q3 Revenue, Stock Price Rises Nearly 6% in After-Hours”
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