Circle reports $226 million profit as USDC volume rises, cuts 5% of workforce
Circle beats profit and revenue forecasts in third quarter
Circle reported net income from continuing operations of $226 million for the third quarter. That was 5% higher than a year earlier.
The company also said it cut its workforce by 5%. The move added a $9.1 million restructuring charge to its results for the quarter.
Key numbers from the quarter
- Adjusted earnings were 84 cents per share, compared with a forecast of 37 cents.
- Total revenue and reserve income rose 17% to $865 million, compared with an estimate of $778 million.
- On-chain transaction volume for USDC rose 49% to $13.9 trillion.
- Circle recorded $182 million in revenue from a private presale of ARC, the native token of its Arc blockchain.
- Shares fell 1.18% to $74.33 in premarket trading, after rising 4.36% to $75.22 on Tuesday.
What Circle said about the job cuts
Circle said the layoffs were designed to better align its organisation with its operating model.
USDC is Circle's stablecoin, a token designed to keep a stable value and usually tied to the US dollar. On-chain volume refers to activity recorded on a blockchain, which is a shared digital ledger.
Other deals and launches highlighted by Circle
Circle highlighted the public mainnet debut of Arc. Mainnet is the live, public version of a blockchain network.
The company also highlighted its agreed acquisition of Singaporean payments network Tazapay. It also highlighted a $100 million investment from Binance, a crypto exchange, which is a platform for buying and selling crypto.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.