Circle Cuts About 5% of Its Workforce in Quarter Lifted by ARC Token Presale
By Unchained
AI summary of the source article
Circle booked $9.1 million in restructuring charges in Q3 linked to a roughly 5% workforce reduction. During the same quarter, total revenue and reserve income climbed 17% to $865 million, boosted by an ARC token presale.
Why it matters
Circle stated the cut was “designed to better align our organizational structure with our operating model and strategic priorities.”
Key facts
- Circle recorded $9.1 million in Q3 restructuring charges tied to cutting about 5% of its workforce.
- Total revenue and reserve income rose 17% to $865 million, with $182 million generated from the presale of ARC tokens.
- Net income from continuing operations increased 5% to $226 million, while total operating expenses grew 16% to $245 million.
Source excerpt · Unchained
The USDC issuer disclosed the reduction in a footnote to third-quarter results that showed revenue up 17% to $865 million on its ARC token presale, without saying how many people lost their jobs. The post Circle Cuts About 5% of Its Workforce in Quarter Lifted by ARC Token Presale appeared first on Unchained .