What happened

Shares of MicroStrategy (NASDAQ:MSTR) rose on Wednesday after the enterprise analytics software provider reported its second-quarter results. Despite missing analyst estimates for both revenue and adjusted earnings, the stock was up 11.3% at 11:45 a.m. EDT.

So what

MicroStrategy reported second-quarter revenue of $117.7 million, down 2.4% year over year and about $2.9 million below the average analyst estimate. Adjusted for currency, revenue was up 0.4% year over year. Product license revenue grew 4.3% to $20.1 million; subscription services revenue slumped 6.3% to $7.1 million; product support revenue declined 0.9% to $73 million; and other services revenue dropped 12.5% to $17.5 million.

A rising chart.

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Non-GAAP (adjusted) earnings per share came in at a loss of $0.14, down from a profit of $0.42 in the prior-year period and $0.35 shy of analyst expectations. EPS under generally accepted accounting principles (GAAP) surged thanks to the sale of the company's Voice.com domain name, which resulted in a gain of $21.8 million net of tax.

Now what

Going forward, MicroStrategy CEO Michael Saylor sees an opportunity created by salesforce.com's acquisition of Tableau: "The MicroStrategy 2019 platform won multiple industry awards, we have seen increased demand for our innovative Cloud and HyperIntelligence offerings, and we have improved key operational metrics for our business at the same time. Considering these accomplishments, I believe there is now a tremendous opportunity for MicroStrategy to take advantage of the dislocations that Tableau is likely to experience as a result of its pending acquisition by Salesforce."

While MicroStrategy's second-quarter results were weak relative to analyst expectations, investors saw enough good news to drive up the stock.