Circle Q3 Revenue Rises 17% to $865 Million on a One-Off…
By Tobi Opeyemi Amure
AI summary of the source article
Circle reported Q3 total revenue and reserve income of $864.9 million, up 16.9% year over year, boosted by a $182 million one-off ARC token presale. Excluding the presale, revenue contracted 7.7%, and the company announced a 5% workforce cut.
Why it matters
The company stated the staff reduction is "designed to better align our organizational structure with our operating model and strategic priorities."
Key facts
- Total revenue and reserve income reached $864.9 million, with $182 million generated by a one-off presale of the ARC token.
- Excluding the token presale, total revenue and reserve income declined 7.7% year over year to $682.9 million.
- Circle reduced its workforce by about 5%, taking a $9.145 million restructuring charge primarily for severance and benefits.
Source excerpt · FinanceFeeds
CRCL recovered from an opening slide on Wednesday, trading at $77.03 and up 2.41% at 16:18 GMT+1 after dipping to $72.90 at 15:59. The stock had fallen as far as 3.08% below Tuesday’s $75.22 close before buyers stepped in, per TradingView . The Circle Q3 report that moved it looks strong on the top line and weaker underneath. Total revenue and reserve income of $864.9 million grew 16.9% year over…