MicroStrategy Swings to 2Q Profit on Bitcoin Gains

By Katherine Hamilton

MicroStrategy swung to a profit in the second quarter as its bitcoin per share increased.

The cryptocurrency treasury company on Thursday posted a profit of $9.97 billion, or $32.60 a share, in the three months ended June 30, compared with a loss of $102.6 million, or 57 cents a share, a year earlier.

Revenue rose 3% to $114.5 million. Analysts surveyed by FactSet forecast revenue of $113.5 million.

The company's bitcoin per share increased by 25% from this period a year ago.

MicroStrategy expects its profit to be $24 billion in the full year, with earnings at $80 a share.

Write to Katherine Hamilton at katherine.hamilton@wsj.com