Summary
- Circle said third-quarter revenue and reserve income rose 17% from a year earlier to $865 million.
- Circle said third-quarter adjusted EBITDA climbed 85% to $317 million, while other revenue surged 627%.
- Circle said its shares rose more than 3% in premarket trading after the third-quarter earnings release.
Forecast Trend Report by Period
Circle Internet Group, the issuer of the dollar-backed stablecoin USDC, posted a 17% increase in third-quarter revenue from a year earlier.
The company said on Nov. 4 that third-quarter revenue and reserve income totaled $865 million, up about 17% from a year earlier. Net income from continuing operations rose about 5% to $226 million. Adjusted EBITDA increased 85% to $317 million.
By segment, reserve income fell 8% from a year earlier to $658 million. Other revenue, by contrast, surged 627% to $207 million. Of that, $182 million was revenue recognized from the ARC token presale.
Average USDC in circulation during the third quarter was $73.3 billion, up 8% from a year earlier. Circle's on-chain transaction volume rose 49% to $1.9 trillion. The company said its stablecoin market share stood at about 27% at the end of the third quarter.
Circle also said it cut about 5% of its workforce in the third quarter. Severance and related costs totaled $9.1 million. The Block reported that the layoffs came as revenue from the cash and Treasuries backing Circle declined.
After the earnings release, Circle shares rose as much as 3% in premarket trading.
