Circle reports 5% workforce reduction in Q3 results
Business · First reported 4 Nov, 12:44 · Updated 13:25
Circle disclosed that it reduced its workforce by about 5% in its third-quarter results, while reporting higher net income and revenue than a year earlier. It did not specify the number of employees affected or the teams involved.
- Circle said the reduction was intended to align its organization with its operating model and strategic priorities; it did not disclose affected headcount or teams.
- The company recorded $9.1 million in restructuring expenses, mostly for severance and notice-period payments.
- Third-quarter net income from continuing operations rose 5% year over year to $226 million, while revenue and reserve income increased 17% to $865 million.
Summary written by Lux AI from 2 articles
Key facts
- Workforce reduction
- About 5% of staff
- Restructuring expenses
- $9.1 million
- Net income from continuing operations
- $226 million, up 5% year over year
- Revenue and reserve income
- $865 million, up 17% year over year
- Average USDC in circulation
- $73.3 billion, up 8% year over year
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Background
- An earlier Lux story was headlined that Circle beat earnings and revenue estimates on rising USDC transaction volume. [a3feefd2-39b3-4d02-937b-2ef03ced09fb]
- An earlier Lux story reported Circle’s appointment of former Yellow Card executive Gillian Darko to lead its Africa expansion. [afb919b6-ce5e-4868-995c-2ef88c495bde]
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