MicroStrategy Returns to Profitability With Bitcoin Rebound (1)

MicroStrategy Inc., the enterprise-software maker that is the largest publicly-traded holder of Bitcoin, returned to profitability in the second quarter after having to take a large writedown a year earlier because of a plunge in the value of the cryptocurrency.

The Tysons Corner, Virginia-based company had net income of $22.2 million, or $1.54 a share, compared with a loss of more than $1 billion, or $94 a share, in the year-ago period. The company, controlled by Bitcoin advocate Michael Saylor, missed Wall Street’s revenue estimates, with sales dropping 1.4% to $120.4 million. Analysts surveyed by Bloomberg expected $123.2 million. …