Circle Reports $865 Million in Q3 Revenue, Cuts Workforce

Circle Internet Group reported $865 million in revenue and reserve income for the third quarter, up 17% from a year earlier, and $226 million in net income from continuing operations, up 5%. The company also said it reduced its workforce by about 5% during the quarter and recorded restructuring expenses of roughly $9.1 million. The results, announced November 4 for the quarter ended September 30, included $182 million in revenue from the private presale of ARC, the token associated with Circle’s Arc blockchain. Reserve income fell 8% year over year to $658 million. The ARC presale helped offset that decline, while total revenue and reserve income increased. Circle said the workforce reduction was intended to align staffing with its operating model and priorities. The restructuring costs were recorded in the quarter. The company did not provide further detail in its results about the employees affected. USDC on-chain transaction volume reached $13.9 trillion in the quarter, a 49% increase year over year, according to Circle. Average USDC circulation rose 8% to $73.3 billion. Circle’s reserve return rate declined 61 basis points to 3.5%, the company reported, while lower reserve...