Circle (CRCL) Cuts About 5% of Workforce as Q3 Revenue Hits $865M
By Micah Zimmerman
AI summary of the source article
Circle cut about 5% of its workforce in Q3, even as revenue climbed 17% to $865 million and net income reached $226 million, bolstered by a $182 million ARC token presale.
Why it matters
Circle stated the restructuring was “designed to better align our organizational structure with our operating model and strategic priorities.”
Key facts
- Circle reduced its workforce by roughly 5%, booking a $9.1 million restructuring charge.
- Q3 revenue rose 17% to $865 million, supported by $182 million from the private presale of its ARC token.
- Reserve income dropped 8% year-over-year to $658 million as the reserve return rate fell 61 basis points to 3.5%.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Circle (CRCL) Cuts About 5% of Workforce as Q3 Revenue Hits $865M Circle cut about 5% of its workforce and booked a $9.1 million restructuring charge in a quarter where revenue rose 17% to $865 million. This post Circle (CRCL) Cuts About 5% of Workforce as Q3 Revenue Hits $865M first appeared on Bitcoin Magazine and is written by Micah Zimmerman .