Circle Reports $226M Profit While Reducing Its Workforce by 5%

Circle reported $226 million in net income from continuing operations for the third quarter, a 5% increase from a year earlier, according to Crypto Economy. The USDC issuer also posted adjusted earnings per share of $0.84, compared with a forecast of $0.37, while revenue of $778 million surpassed estimates by more than 11%. The company disclosed a 5% reduction in its workforce. The cuts generated a $9.1 million restructuring charge, a figure independently cited by both Crypto Economy and Decrypt. Decrypt noted that the action accompanied an 8% decline in reserve income, highlighting a weaker contribution from that line even as the headline profit increased. The two outlets corroborate the size of the workforce reduction and its associated restructuring costs. Crypto Economy focused on the reported profit, earnings beat and revenue performance, while Decrypt highlighted the 8% fall in reserve income. No conflicting figure was identified across the coverage. Circle sits at the center of the stablecoin market through its USDC issuance. DeFiLlama showed $70.88 billion of USDC in circulation, while live market data put USDC's market capitalization at $70.56 billion. The token traded at $0.999601, up 0.01% over 24 hours and 0.02% over seven days. The broader crypto market was broadly higher, with total capitalization at $2.76 trillion and Bitcoin up 3.60% over 24 hours, although the Fear & Greed index stood at 34, indicating a Fear reading. Circle's quarterly results place its earnings power and cost adjustments against that backdrop, with continued revenue, reserve income and the effects of the restructuring among the operating factors to monitor.