Circle Beats Market Expectations on Revenue and Profit as USDC On-Chain Transaction Volume Surges

Deep News11-04 21:20

Stablecoin issuer Circle Internet Corp. (CRCL) reported quarterly earnings on Wednesday, stating that net income from continuing operations reached US$226 million in the third quarter, up 5% year-over-year.

Circle Internet Corp. (CRCL) also disclosed that it has reduced its workforce by 5% and recorded US$9.1 million in restructuring costs in its third-quarter earnings report. The stablecoin issuer said the layoffs were intended to "better align the company's organizational structure with its operating model."

The New York-based Circle Internet Corp. (CRCL) posted third-quarter adjusted earnings per share (EPS) of US$0.84, beating analyst expectations of US$0.37 by approximately 127%, significantly surpassing market forecasts.

Circle Internet Corp.'s (CRCL) revenue performance also exceeded expectations. Third-quarter total revenue and reserve asset income reached US$865 million, up 17% year-over-year and more than 11% above analyst estimates of US$778 million.

Revenue growth was partly driven by a 49% year-over-year increase in on-chain transaction volume for the company's flagship stablecoin USDC, reaching US$13.9 trillion. In addition, Circle Internet Corp. (CRCL) generated US$182 million in revenue from a private presale of ARC, the native token of its Arc blockchain.

Circle Internet Corp. (CRCL) also listed the launch of the Arc blockchain's public mainnet, an agreement to acquire Singapore-based payment network Tazapay, and a US$100 million investment from cryptocurrency exchange Binance as key business developments during the quarter.

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