Circle Q3 Profit Triples, Beating Estimates
Circle Internet Group (CRCL), issuer of the stablecoin USDC, announced a third-quarter net income of $214 million, marking a 202% year-over-year increase. Earnings per share (EPS) rose to $0.64, surpassing expectations of $0.22. Total revenue and reserve income more than doubled to $740 million, while Ebitda climbed 78% to $166 million. Despite strong financial results, CRCL shares dropped 5.57% to $98.30 on Tuesday and were 3.5% lower in pre-market trading.
Q3 Financial Performance Overview
Circle Internet Group (CRCL), issuer of the world's second-largest stablecoin USDC, reported a third-quarter net income of $214 million, reflecting a year-over-year increase of 202%, on Wednesday.
Earnings Per Share (EPS) Beat Expectations
The company's earnings per share (EPS) surged to $0.64, significantly exceeding market expectations of $0.22.
Revenue and Reserve Income Growth
CRCL's total revenue and reserve income more than doubled, reaching an impressive $740 million for the third quarter.
Ebitda and Operational Metrics
The company reported earnings before interest, taxes, depreciation, and amortization (Ebitda) of $166 million, which marks a 78% increase compared to the same quarter last year.
Stock Performance
CRCL shares experienced a notable decline, falling 5.57% to $98.30 as of Tuesday and were recently trading 3.5% lower in pre-market activity.