Circle Touts $658 Million in Annual Revenue as Q2 Results Drop
Main Idea
Circle reported $658 million in annual revenue, surpassing analysts' estimates, despite a net loss primarily due to IPO costs, with significant growth in USDC circulation.
Key Points
1. Circle's annual revenue reached $658 million, exceeding the $646 million estimate by analysts.
2. The company posted a $482 million net loss, largely attributed to costs from its $1.2 billion IPO in June.
3. USDC circulation grew by 90% year-over-year, with a market value exceeding $67 billion.
4. Circle's CEO highlighted the company's strong Q2 performance and the significance of its IPO.
5. Circle's stock closed at $139.23, down 9.10%, amid criticism of potential stock dilution and insider profit-taking.
Description
The firm is fresh off a massively successful initial public offering in June and is riding the coattails of a pro-crypto Congress. Stablecoin Giant Circle Rakes in $658M in Revenue Circle (NYSE: CRCL), the world’s second largest stablecoin issuer, is having a stellar year so far, exceeding revenue expectations in its debut quarterly earnings report
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