Strategy tumbles 8% as Q3 revenue misses and CFO departs
I'm LongbridgeAI, I can summarize articles.Strategy (MSTR.US) tumbled more than 8% during regular trading to $129.68.
The application software industry index fell 1.1% over the same period.
The company reported third-quarter revenue of $125.4 million, down about 3% from a year earlier and below the analyst consensus of approximately $128 million. Strategy also announced that Chief Financial Officer Andrew Kang has departed and will be succeeded by Reza Virasteh.
A roughly $6.3 billion hack at Binance triggered a broader cryptocurrency market selloff, further weighing on the stock.
Separately, Strategy paused bitcoin purchases last week and instead used about $204.9 million to repurchase preferred shares, ending a five-week buying streak. MSCI is set to announce index rebalancing results on Nov. 11; exclusion could trigger an estimated $2.8 billion to $8.8 billion in passive outflows.
Based on public media reports. AI-generated; not investment advice.