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Circle shares slip after stablecoin firm beats earnings but misses revenue
USDC circulation rose 19% year over year to $73.3 billion, but revenue and reserve income came in slightly below Wall Street forecasts.
Circle Internet shares fell about 3% in pre-market trading after the stablecoin issuer reported a second-quarter adjusted earnings beat, but revenue and reserve income missed Wall Street expectations.
According to CoinDesk, Circle posted adjusted earnings of 18 cents per share, above the 16 cents expected, while revenue and reserve income increased 7% year over year to $701 million, below the $712 million forecast. Net income from continuing operations was $48 million, exceeding analysts' estimates of $43 million, and adjusted EBITDA rose 8% to $143 million.
CoinDesk said Circle also highlighted continued USDC growth despite a slower crypto market, with USDC circulation reaching $73.3 billion at the end of June, up 19% year over year. The company reported onchain transaction volume surged 151% to $14.8 trillion during the quarter.
Circle used the earnings update to outline progress on its Arc blockchain network, which is scheduled to launch its public mainnet on Sept. 16. CoinDesk reported that Circle said more than 100 ecosystem and institutional builders are developing on Arc, and that its founding validator set includes firms such as BlackRock, DTCC, ICE, Mastercard, Visa, Standard Chartered, and others.