Circle Posts $226M Profit While Cutting 5% of Workforce

TLDR Circle reported third-quarter net income of $226 million, representing a 5% annual increase. Total revenue and reserve income rose 17% year-over-year to $865 million. Circle generated $182 million in revenue from the private presale of its ARC token. The company reduced its workforce by approximately 5%, recording $9.1 million in restructuring expenses. USDC onchain transaction volume increased 49% to $13.9 trillion during the third quarter. Circle launched the Arc public mainnet on September 16 with more than 100 institutional and ecosystem participants. Circle reported $226 million in third-quarter net income from continuing operations, up 5% from a year earlier, while cutting jobs. The USDC stablecoin issuer released its results Wednesday, November 4, for the quarter ended September 30.

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