MicroStrategy Inc. yesterday reported strong earnings for the first quarter, ended March 31, increasing its revenue 80% over the same quarter a year ago.
The maker of decision-support and business-intelligence software reported revenue yesterday of $35.8 million for the quarter. Net income was $1.9 million, or 5 cents per share, representing a 243% increase over the corresponding quarter last year.
President and CEO Michael Saylor attributed MicroStrategy's growth to, among other things, its strong balance sheet, scalable technology, and worldwide sales and marketing presence.
In the first quarter, MicroStrategy acquired 55 new customers, increasing its worldwide customer base to about 750. It entered into contracts with Capital One Services, ChoicePoint, Discount Auto Parts, EarthLink, First USA Bank, France Telecom Mobile, J.D. Edwards, J.P. Morgan & Co., Network Solutions, Thomson Financial Services, and Venator Group Services. It also signed a multithousand-user, multimillion-dollar software licensing deal with Kmart Corp.