Circle Q3 Revenue Rises 17% to $865 Million
JH Kim
Summary
- Circle said its third-quarter revenue rose 17% from a year earlier to $865 million.
- Revenue from the ARC token presale totaled $182 million, contributing to the increase in earnings.
- While third-quarter EPS was $0.84, income from managing USDC reserve assets fell 8% from a year earlier, and the company plans to cut about 5% of its workforce.
Forecast Trend Report by Period
Stablecoin issuer Circle reported third-quarter revenue of $865 million, up 17% from a year earlier. Revenue from the ARC token presale contributed to the increase.
According to Circle's third-quarter results released on November 4, revenue generated from the ARC token presale totaled $182 million.
Third-quarter earnings per share came in at $0.84, double the market estimate of $0.42. Income from managing reserve assets backing the dollar-denominated stablecoin USDC fell 8% from a year earlier to $657.6 million.
Circle said it plans to cut about 5% of its workforce. The company also plans to expand its payments and blockchain services businesses.
JH Kim
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