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Stock impact report

Circle Internet (CRCL) Sheds 12% After Earnings [Yahoo! Finance]

Circle Internet Group, Inc. Class A (CRCL) 
Company Research Source: Yahoo! Finance
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 Alla Show less Read more
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