MicroStrategy (NASDAQ:MSTR) posted on Tuesday Q4 earnings that blew past the average analyst estimate as the Michael Saylor-founded business intelligence company benefited from a huge rally in the price of bitcoin (BTC-USD) during the quarter.

On top of that, "we achieved double-digit subscription services revenue growth for both the fourth quarter and full year, demonstrating our ongoing commitment to transition our business to the cloud," said President and CEO Phong Le.

Q4 adjusted EPS of $5.62, vs. $0.21 average analyst estimate, compared with -$8.98 in Q3 and -$20.51 in the year-ago quarter.

Revenue of $124.5M, vs. $132.2M consensus, fell from $129.5M in Q3 and $132.6M a year before.

MSTR slipped 1.2% in after-hours trading.

Total operating expenses rose to $139.0M from $128.0M in the prior quarter and dropped from $299.5M in Q4 2022.

Digital asset impairment losses, net of gains on sale, narrowed to $39.2M from $197.6M in Q4 2022.

As of Dec. 31, 2023, the carrying value of the company's bitcoin (BTC-USD) stash, comprising about 189,150 BTC, was $3.626B. That reflects cumulative impairment losses of $2.269B since acquisition and an average carrying amount per bitcoin of ~$19,172.

Conference call at 5:00 p.m. ET.

Earlier, MicroStrategy (MSTR) non-GAAP EPS of $5.62, revenue of $124.5M misses by $7.68M.