Circle Internet (CRCL) Sheds 12% After Earnings
We recently published 10 Stocks Suffer Heavy Selling Pressure. Circle Internet Group (NYSE:CRCL) is one of the worst-performing stocks on Wednesday.
Circle Internet dropped its share prices by 12.21 percent on Wednesday to close at $86.30 apiece as investors appeared to have priced in a strong earnings performance in the third quarter of the year.
In a statement, Circle Internet Group (NYSE:CRCL) said it grew its net income by 201.9 percent to $214.38 million from $71 million in the same period last year, thanks to an income tax benefit of $61 million due to stock-based compensation expense, research and development tax credits, and the impact of recently enacted US tax legislation.
Net income also included a $48 million benefit from the decrease in fair value of its convertible debt caused by a lower stock price in the third quarter.
Revenues grew by 66 percent to $739.7 million from $445.76 million year-on-year.
“Circle continued to see accelerating adoption of USDC and our platform in the third quarter as we build the new Economic OS for the internet,” said Circle Internet Group (NYSE:CRCL) Chairman and CEO Jeremy Allaire.
“As digital dollars become integrated with the technological utility of the internet, Circle’s infrastructure is helping global finance move with greater trust, transparency and velocity. With growing circulation, accelerating commercial partnerships and expanding collaboration across industries, we’re proud of the tangible progress toward a more open and efficient global financial system,” he noted.
For the full-year 2025, Circle Internet Group (NYSE:CRCL) raised its outlook for other revenues to a range of $90 million to $100 million, from $75 million to $85 million projected previously.
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Disclosure: None. This article is originally published at Insider Monkey.
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