MicroStrategy Inc. (MSTR-Nasdaq) is showing signs of recovering from last year's financial debacle. The business-intelligence-software vendor Tuesday said that losses in its second quarter, ended June 30, narrowed from a year ago and sales held relatively steady despite the sagging economy.
Total revenue for the period was $49.2 million, down only 2% from last year. Product license revenue was $21.2 million, down 3% from the same period a year ago. "Our core business of business-intelligence tools has been a pretty strong performer in this difficult business environment," CEO Michael Saylor said Tuesday during a conference call with investors. He contrasted the company's performance with other software vendors that have experienced steep drops in sales this year.
MicroStrategy continues to be awash in red ink, although managers are having some success in stemming the company's losses. On a pro forma basis, the company reported a $9.8 million net loss or 12 cents per share, compared with a pro forma net loss of $42.8 million, or 54 cents per share, one year ago. Net loss attributable to common shareholders was $5.6 million, or 7 cents per share, compared with $71.8 million, or 90 cents per share, in the same quarter last year.