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69年 .鸡尾酒
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MSTR这一季财报实打实超预期。我清楚它的利润基本靠比特币持仓浮盈，软件主业表现平平。账面收益直接拉满，GAAP EPS大幅甩开市场预估。要注意，这笔盈利只是账面数字，跟着BTC价格起落，不是稳定经营赚来的。这种高弹性标的，财报惊喜不等于后续行情稳，二元盘下注，口径必须盯死，GAAP和non-GAAP差得很远。
羽天779
#Strategy财报前瞻：BTC账面收益大幅反弹
MSTR's earnings this quarter truly exceeded expectations. I understand that its profits basically rely on unrealized gains from Bitcoin holdings, while the software main business performed mediocrely. The book gains were fully maxed out, with GAAP EPS significantly surpassing market estimates. Note that this profit is just a book figure, fluctuating with BTC prices, not stable operational earnings. For such a highly elastic asset, earnings surprises do not equal stable subsequent market performance. When making binary bets, the reporting standards must be closely monitored, as GAAP and non-GAAP differ greatly.
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