Circle Beats Q3 Estimates on Arc Token Sale, Cuts 5% of Staff

Circle's revenue rose 17% to $865M, with $182M from a presale of its ARC token, even as interest income on USDC reserves slipped. Circle reported Q3 revenue of $865M, up 17% from a year ago, and adjusted earnings of 84 cents a share, beating analysts' forecasts of $778M and 37 cents. Net income from continuing operations rose 5% to $226M. The ARC Boost: $182M came from a private presale of ARC, the native token of Circle's Arc blockchain, which launched in September. ARC will be used to secure and govern the network, with staking planned for 2027. The Core Business: Reserve income, the interest Circle earns on the assets backing USDC, fell 8% to $658M as rates dropped.