Circle Cuts About 5% of Workforce as Q3 Earnings Beat Expectations

Stablecoin issuer Circle $CRCL has reportedly reduced its workforce by approximately 5% while reporting third-quarter earnings per share of $0.84, more than double analysts' expectations.
The earnings result suggests stronger-than-anticipated profitability during the quarter, even as the company moves to reduce staffing costs.
Circle operates USDC, one of the largest dollar-backed stablecoins, and its financial performance is closely linked to reserve income, stablecoin circulation and operating expenses.
The workforce reduction may reflect efforts to adjust the company's cost structure, although the reported figures do not establish the specific reasons behind the cuts.
Investors will be assessing whether the earnings beat reflects sustainable operating improvements and how staffing changes affect Circle's longer-term growth plans.