Circle Posts $226M Third Quarter Profit, Disclosing 5% Workforce Reduction

TL;DR: Circle’s Profit: Net income from continuing operations reached $226 million, up 5% year over year, while a 5% workforce cut carried a $9.1 million restructuring charge. Earnings beat: Adjusted EPS was 84 cents versus the 37-cent forecast, and revenue of $778 million beat estimates by more than 11%, with total revenue and reserve income at $865 million. Quarter highlights: USDC onchain volume rose 49% to $13.9 trillion, the ARC presale brought in $182 million, and the quarter included Arc’s mainnet debut, the Tazapay deal, and Binance’s $100 million investment. Circle reported $226 million in net income from continuing operations for the third quarter, a 5% rise from a year earlier, and disclosed a 5% cut to its workforce . The results were announced on Wednesday.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Crypto Economy.