Circle trims about 5% of staff in profitable Q3
BROBROK News · Based on reporting by Decrypt ·
Circle disclosed that it cut about 5% of its workforce in the third quarter as part of an organizational reset. The company also reported $9.1 million in restructuring charges, even as net income and adjusted EBITDA rose year over year. Reserve income fell, while other revenue helped support overall growth.
Key points
- About 5% of staff were cut, with no breakdown by team or headcount.
- Circle booked $9.1 million in restructuring costs, mainly severance and notice-period payments.
- Net income from continuing operations rose 5% to $226 million.
- Reserve income declined 8% to $658 million as rates eased.
- Other revenue increased, including $182 million from ARC presale proceeds.
Why it matters
Circle is still posting strong profits, but the mix of revenue is changing and reserve income is under pressure. The cut also fits a broader wave of crypto-sector layoffs, showing how firms are reshaping operations even in a stronger quarter.
Original headline: “USDC Issuer Circle Quietly Cuts 5% of Staff in Profitable Quarter”
Summary and analysis written by BROBROK News from the original report. Read the full story on the source website. Not investment advice.